The Kodak Moment it never wanted: company reportedly prepping for Chapter 11 filing
Tough to smile in times like these, folks. Barely three years after yet another staple in the photography business filed for Chapter 11, Kodak is reportedly getting its paperwork in order to do the same. The Wall Street Journal has it that bankruptcy protection is looking all the more likely in the coming weeks, as its efforts to hawk a "trove" of digital patents proved to be in vain. As it stands, the employer of around 19,000 is currently working with lenders to secure around $1 billion in debtor-in possession financing to keep it alive during the actual bankruptcy process. Should this all pan out, its portfolio of 1,100 patents would then be re-listed via a court-supervised bankruptcy auction. Oh, and to make matters worse, it warned earlier in the week that it could be delisted from the New York Stock Exchange after Kodak shares closed at under $1 for thirty straight trading days.
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