Kodak files for Chapter 11

[gary]

The Wall Street Journal is reporting that "Eastman Kodak Co. filed for Chapter 11 bankruptcy protection in New York early Thursday morning, after the struggling photography icon ran short on cash needed to fund a long-sputtering turnaround".

Story here (subscription to WSJ required) -
http://online.wsj.com/article/SB100014240529702045559045771699200 31456052.html

LA Times article here (no subscription required) -
http://www.latimes.com/business/la-fi-kodak-bankruptcy-20120119,0,4330047.story

Hopefully they will pull out of it.

[ballaratdragons]

Thanks for the links Gary.

I heard about this today but couldn't find any information about it.

Looks to be the possible end of an Era, and a household name.

[Ric]

That's sad to see that happen to such an icon.

[GeoffW1]

I certainly is sad to see. Kodak as with so many other people equipped my first ventures in photography. They were almost all there was.

Cheers

[SkyViking]

Not surprising, but here's hoping their CCD chip manufacturing survives!

[gary]

This time last year, the January edition of IEEE Spectrum had a special report
on the "Top 11 Technologies of the Decade".

At number 10 was digital photography and this article by Tekla S. Perry includes
the story of how Steven Sasson, an electrical engineer at Eastman Kodak,
"became the first person to pick up a digital camera and take a picture" in December
1975.

See http://spectrum.ieee.org/consumer-electronics/audiovideo/digital-photography-the-power-of-pixels/0

The article includes a picture of Sasson holding that proof of concept camera and
another which shows the large circuit boards inside the camera. At its heart, the camera
employed a 100 by 100 pixel CCD developed by Fairchild Semiconductor.

The article includes an abridged history of Kodak's continual involvement in
digital photography and ends with a cautionary warning from Sasson himself.
Now that most of us no longer store photographs in the shoebox ...



When one also considers that Kodak employed a peak of 143,800 people in 1988
and that it is down to 18,800 today, that is only 24 years later, then it is also
a cautionary tale not to underestimate what the digital economy will be like
in another 24 years from now.

[wavelandscott]

Remember that all is not lost for them. They declared "Chapter 11" bankruptcy and have found short term financing so they will continue to trade while restructuring...who knows, they may be able to turn it all around.

[gary]

Hi Scott,

An equivalent of Chapter 11 has been long called for in Australia.
For example see -
http://www.smh.com.au/business/chapter-11-mooted-for-business-rescues-20100119-mj8l.html

Kodak have been signaling for some time that they were likely going to file, so
it would not have caught many off guard.

As you say, hopefully they can restructure and find some financing to see them
pull out of Chapter 11. Few companies have as much sentimental value attached
to them in the hearts of the public, so many wish them well and would like to
see them continue to live on.

http://www.youtube.com/watch?v=wZpaNJqF4po

[Octane]

I sincerely hope they don't kill film.

H

[Stardrifter_WA]

Film :question: What's that :question: :D :P

[Octane]

The stuff that pros still use. :)

H

[Stardrifter_WA]

With some of the digital pro cameras I have seen, I am surprised. :)

[wavelandscott]

I hope they find a way to trade out too...I have a soft spot for the brand and also they are a customer of ours...