Kodak has taken a U-turn from the road to bankruptcy. Kodak’s restructuring has helped them to escape from bankruptcy Chapter 11. They are now a commercial imaging company serving business markets like packaging and graphics.
Kodak chairman and chief executive, Antonio M. Perez, has assured that the company is on track for profitable growth.
Kodak was founded by George Eastman in 1880 and it was famous for its cameras and films. Now it hopes to replace them with new technologies like touch screens for smartphones and smart packaging embedded with sensors.
Kodak was credited with popularizing photography and the beginning of 20th century but started to struggle towards the end of the century, first because of the competition from Japanese companies and then failing to react quickly to the shift from film to digital photography.
Increasing competition, digital photography and debts compelled Kodak to file for bankruptcy Chapter 11 last year. The financial crisis of 2008 and the resulting spike in interest rates left many company’s pension obligations underfunded. These obligations along with other costs, Mr. Perez said eventually resulted in the January 2012 bankruptcy filing. Revenue dropped from about $13.3 billion in 2003 to $6 billion in 2011.
Under court oversight, Kodak continued reducing costs by every means. It reduced businesses and work force. It closed its consumer business and sold an online photo service. It spun off its personal and document imaging business to its pension plan and sold out many of its patents.
The company emerged from bankruptcy with about 8,500 employees. Revenue is expected to a total $2.7 billion this year.
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The Original Source of Article at http://www.xvarticles.com/kodak-redefined-exits-bankruptcy-chapter-11/
The Original Source of Article at http://www.xvarticles.com/kodak-redefined-exits-bankruptcy-chapter-11/
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