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WSJ: Kodak Prepping for Chapter 11 Bankruptcy Filing

Camera company Eastman Kodak is apparently preparing to file for Chapter 11 bankruptcy protection. The Wall Street Journal reports that if the company fails in its efforts to sell off a 'trove of digital patents' it will file for Chapter 11 in the coming weeks.

According the WSJ sources, Kodak is currently negotiating with potential lenders for roughly $1 billion debtor-in possession financing that would keep it afloat during bankruptcy proceedings. The filing itself could happen as soon as this month or early next month.

Though Kodak has refused to comment on the report (stating that it doesn't comment on rumors or speculation), the company's shares have taken a nosedive following the news, falling more than 28 percent to 46 cents.

This is the second blow for Eastman Kodak this year. Earlier this week, the company was warned that it would be delisted from the NYSE if its price-per-share remains below the minimum price-per-share requirement of $1 for the next six months. According to Bloomberg, this means Kodak's stock must have a closing price of at least $1/share on the last trading day of any calendar month during the six-month period. Additionally, the company must maintain that average over the previous 30 trading days or on the last day of the six months. The company was put on notice following 30 consecutive days below the minimum price-per-share requirement.

Eastman Kodak was founded by George Eastman in 1892 in Rochester, New York. Eastman is credited with bringing photography to the masses through the use of roll film. In 1975, a Kodak engineer by the name of Steven Sasson invented the digital camera.

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  • NightLight
    how the mighty have fallen...
    Reply
  • southernshark
    Sad. You know people look down on Kodak digital cameras, but their point and shoots have always held up a lot better for me. I still have a Kodak that I took to the North Slope of Alaska where I worked all winter, and it still works. In the meant time I purchased a Pentax camera of Adventure (supposedly shock proof) which broke in my pocket after owning it a week (piece of junk). Anyway, I guess what I am saying is that Kodak cameras may not have all the bells and whistles of some more expensive cameras but in my experience they hold up a hell of a lot better. So buy a Kodak while ya still can is my advice.
    Reply
  • 1foxracing
    mama don't take my Kodachrome away
    Reply
  • malicemizer
    Their consumer digital cameras have been a joke for awhile now and their software they provide with the products they sell is atrocious. I know they make great motion picture stuff and will probably continue to do so. I have been waiting for Kodak to make something awesome for years but haven't seen anything save the handheld Kodak z series pocket cams which were pretty good. Sad though but I'm not surprised.
    Reply
  • fulle
    LOL, southernshark.

    Maybe Kodak is OK when compared to trash like Pentax.... but they can't beat Canon, Nikon, or Sony, in ANYTHING. And it's been that way for over a decade.
    Reply
  • fyasko
    this is what happens when old companies ran by dolts don't innovate. kodak got where it was by making something simple for everyone that worked the way it should. if only the had continued on that path...
    Reply
  • southernshark
    fulleLOL, southernshark.Maybe Kodak is OK when compared to trash like Pentax.... but they can't beat Canon, Nikon, or Sony, in ANYTHING. And it's been that way for over a decade.
    Wow an LOL dude doesn't value my opinion. I'm devastated. You try taking your camera to the North Slope and go LOL.
    Reply
  • house70
    Instead of selling those patents, they should get a cue from Apple and start trolling them around, suing everybody. Oh, wait, they might have more class than that.
    It's a shame that a pioneer has to bite the dust like this.
    Reply
  • nebun
    southernsharkSad. You know people look down on Kodak digital cameras, but their point and shoots have always held up a lot better for me. I still have a Kodak that I took to the North Slope of Alaska where I worked all winter, and it still works. In the meant time I purchased a Pentax camera of Adventure (supposedly shock proof) which broke in my pocket after owning it a week (piece of junk). Anyway, I guess what I am saying is that Kodak cameras may not have all the bells and whistles of some more expensive cameras but in my experience they hold up a hell of a lot better. So buy a Kodak while ya still can is my advice.if you really think that Kodak made good cameras you really don't know anything about quality....take a look at some Cannon and Sony products....then rethink your statement
    Reply
  • zybch
    A pity. As others have said, their cameras were actually pretty good, but were totally ruined by unnecessary software that held your images hostage, bloated your PC and stuck annoying Kodak icons and shortcuts everywhere.
    I still have a brilliant 10m point'n'shoot which I'll be loath to get rid of. Cell phones and the shitty cameras the majority have are probably what contributed most to Kodak's downfall.
    Reply