A press release, today, has announced that photography pioneers Eastman Kodak Co. has officially filed for bankruptcy.
After months of speculation and rumour, the New York-based company has revealed that, after 131 years, its U.S subsidiaries are starting a “voluntary Chapter 11 business reorganization.”
The business reorganization is intended to bolster liquidity in the U.S. and abroad, states the press release. And the flow of goods and services to customers is said to continue globally as Non-U.S. subsidiaries are not included in the U.S. Filing
Said Antonio M. Perez, Chairman and Chief Executive Officer: “Chapter 11 gives us the best opportunities to maximize the value in two critical parts of our technology portfolio: our digital capture patents, which are essential for a wide range of mobile and other consumer electronic devices that capture digital images and have generated over $3 billion of licensing revenues since 2003; and our breakthrough printing and deposition technologies, which give Kodak a competitive advantage in our growing digital businesses.”