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19/01/2012
Kodak To Focus On Bankruptcy Dodge
Camera Colossus Kodak has announced they are to reorganise their business in order to avoid bankruptcy after a negative performance last year.
According to a statement released on Thursday, the reorganization is intended to "bolster liquidity", monetize non-strategic intellectual property, resolve liabilities, and enable the company to focus on its most valuable business lines.
Kodak said it had obtained a "fully-committed" $950 million debtor-in-possession credit facility with an 18-month maturity to enhance liquidity and working capital, which it hopes will stay any requirement for bankruptcy.
The company said it expects to pay employee wages and benefits and continue customer programs.
“Kodak is taking a significant step toward enabling our enterprise to complete its transformation,” said Antonio M. Perez, Chairman and Chief Executive Officer. “At the same time as we have created our digital business, we have also already effectively exited certain traditional operations, closing 13 manufacturing plants and 130 processing labs, and reducing our workforce by 47,000 since 2003.
"Now we must complete the transformation by further addressing our cost structure and effectively monetizing non-core IP assets. We look forward to working with our stakeholders to emerge a lean, world-class, digital imaging and materials science company.”
(DW)
According to a statement released on Thursday, the reorganization is intended to "bolster liquidity", monetize non-strategic intellectual property, resolve liabilities, and enable the company to focus on its most valuable business lines.
Kodak said it had obtained a "fully-committed" $950 million debtor-in-possession credit facility with an 18-month maturity to enhance liquidity and working capital, which it hopes will stay any requirement for bankruptcy.
The company said it expects to pay employee wages and benefits and continue customer programs.
“Kodak is taking a significant step toward enabling our enterprise to complete its transformation,” said Antonio M. Perez, Chairman and Chief Executive Officer. “At the same time as we have created our digital business, we have also already effectively exited certain traditional operations, closing 13 manufacturing plants and 130 processing labs, and reducing our workforce by 47,000 since 2003.
"Now we must complete the transformation by further addressing our cost structure and effectively monetizing non-core IP assets. We look forward to working with our stakeholders to emerge a lean, world-class, digital imaging and materials science company.”
(DW)
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Shareholders desert Kodak despite digital developments
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Kodak announces plans to cut up to 15,000 jobs
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