Eastman Kodak filed for Chapter 11 bankruptcy protection Thursday morning in
the Southern District of New York. The company intends to continue business operations
during the restructuring, and the company has secured $950 million in financing
from Citigroup. Kodak has also hired Dominic DiNapoli, vice chairman of FTI
Consulting, as its chief restructuring officer. It will also continue to sell
much of its vast patent portfolio to increase liquidity and working capital.
have viewed the bankruptcy as a result of Kodak's failure to adjust to an
increasingly digital world, Kodak notes that it has made large investments in
digital technologies and that its digital businesses generated roughly 75
percent of its 2011 revenue. Chairman and Chief Executive Officer Antonio M.
Perez characterized the filing as "a significant step toward enabling
our enterprise to complete its transformation [to a digital business.]" Perez
said that he expects the company to emerge from the restructuring as a "lean,
world-class, digital imaging and materials science company."
The company has set
up a website with
information about the restructuring, which includes a copy of the bankruptcy
filing and a video message from Perez. The site contains information for consumers,
suppliers, commercial customers and other concerned parties, along with links
to court documents and proof of claim forms. The restructuring is expected to be completed
Kodak press release