Kodak files for Bankruptcy Protection

[Jim Andrada]

From the Wall Street Journal

Eastman Kodak filed for bankruptcy protection after the film pioneer failed to raise fresh cash to fund a long-sputtering turnaround.


The 131-year-old company struggled for decades to cope with the emergence of competitors in its film business and the rise of digital technology. But its final pivot -- an attempt to transform itself into a company selling printers -- proved too costly amid declining film sales and expensive obligations to its retirees.

[vinny]

say it ain't so!

[Jim Andrada]

OK - It ain't so. Happy?

Unfortunately it IS so!

[vinny]

Yeah. Just placed another order and I'm sad.

[Curt]

Nothing lasts forever, they'll either evolve or disappear.

[David Higgs]

Can anyone explain waht this means in legal terms? Do Kodak keep operating 'normally' as this process continues. Like many people I'm wondering how long I can continue to buy Portra and Ektar as there is no real equivalent in C41 terms.

[Tom J McDonald]

www.kodaktransforms.com

[Jim Andrada]

Generally in Chapter 11 filings the company operates normally as it's a reorganization process as opposed to a liquidation process (Chapter 7 I believe)

But maybe the right answer is "Who Knows?" depends on whether they try to sell pieces of the business or close down unprofitable pieces of the business or whether they can get financing to carry them through the bankruptcy process. American Airlines filed for Chapter 11 Bankruptcy recently and they have every intention of continuing operations.

[Roger Cole]

Can anyone explain waht this means in legal terms? Do Kodak keep operating 'normally' as this process continues. Like many people I'm wondering how long I can continue to buy Portra and Ektar as there is no real equivalent in C41 terms.

Generally in Chapter 11 filings the company operates normally as it's a reorganization process as opposed to a liquidation process (Chapter 7 I believe)

But maybe the right answer is "Who Knows?" depends on whether they try to sell pieces of the business or close down unprofitable pieces of the business or whether they can get financing to carry them through the bankruptcy process. American Airlines filed for Chapter 11 Bankruptcy recently and they have every intention of continuing operations.

Yep. For right now it means nothing to consumers of their products - business as usual. In a way, it's a necessary step if they're to rescue things. It could turn out good for film, or bad.

Hostess, maker of Twinkies among other snack cakes and such, filed Chapter 11 in 2004, emerged from bankruptcy in 2009, and just filed again:

http://en.wikipedia.org/wiki/Hostess_Brands

So it's really just wait and see, buy what you need while you can.

[jonreid]

So, after reading all the Kodak threads here and other places over the last month or two I don't really have a firm grasp on whether or not the film division is profitable and likely to be kept, because it is, or not in which case it will be dumped.

A lot of talk about how much film Hollywood buys, but someone said that's a different process and I gather a very very small percentage of it is B+W.

A guy who runs a lab here in Sydney Australia said this "Kodak film division is in of Kodak's few areas still turning it a solid profit, mainly from its motion film." and most importantly for me "Motion film stocks are made in black and white and tri-x is a hugely popular motion film stock tri-x is one if Kodak's safest films."

Jon