Wednesday, November 14, 2012

But it will never be the old KODAK

It's better than total liquidation. Let's hope for the best.

Kodak Secures Financing to Avoid Bankruptcy

There's some great news from Kodak today. The company was able to secure the funding required and has pulled itself out of bankruptcy. The company managed to pull together $793 million and says that it will be reestablished as a commercial printing company by the middle of 2013.

That funding comes with a condition - Kodak must sell its massive portfolio of patents for at least $500 million. The folks at Kodak say that won't be a problem. They'll also be selling off two business units and resolving pension obligations in the UK.

"The additional liquidity from this financing will enable Kodak to accelerate its momentum," says CEO Antonio Perez. "It establishes a clear path for our emergence as a stronger, more focused company."

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