Kodak Is Officially Bankrupt
Former photography giant Kodak is now officially bankrupt. The company’s shares had been under pressure for months as speculation continued to grow amongst traders, culminating in horrific financial earnings for 2011 and the hiring of law firm Jones Day for restructuring advice late last year. The giant who, at one time, held a 90% share of the photographic film market, began its steady decline in the late 1990s as digital photography and printing became the industry norm. Kodak last turned a profit in 2007 and was forced to secure financing upwards of $950 million USD from Citigroup, Inc. in an attempt to fund a restructuring of the floundering enterprise.
Source: Wall Street Journal