Kodak Files Chapter 11 Bankruptsy Protection
Eastman Kodak Co. has filed for Chapter 11 bankruptcy protection. According to the company’s web-site, “the business reorganization is intended to bolster liquidity in the U.S. and abroad.” That means turning intellectual property into cash and focusing on its more valuable business lines.
Kodak did not announce job cuts as part of the bankruptcy protection filing. Roughly 600 employees and contractors work at Kodak’s Kettering facility on Research Park.
As part of the restructuring, Kodak says they’ve obtained $950 million dollars in financing from Citigroup, and plans to continue operating through the chapter 11 process.