Kodak May Be Preparing For Chapter 11 Filing

January 6th, 2012 at 4:30 am
 


It can be quite a sad moment to see a long standing icon in an industry going on its way down. Kodak may be one of those companies that may shortly be seeing an end to its era. During its heyday, Kodak was considered as the brand synonymous to everything that has got to do with photography and still pictures.

The changing economic times as well as technology may have spurred a change of direction that the company has not prepared itself for. After several years of trying to regain what may be left of its old glory, Kodak may finally be on the verge of closing shop as stories abound that it may be on its way to filing for Chapter 11 bankruptcy protection.

But all is not over yet for the Eastman Kodak Co. as it still tries to survive an operate. After all, a company that has been around for around 131 years may have hope yet. It is still in the market and trying to source out bank financing to keep it afloat. It is also making efforts to put up its patent portfolio for sale for interested parties. It is said that the preparations for Chapter 11 filing is just an option that they can consider in case the current plan does not succeed as the company expected.

But still, it is quite a reversal of fortune for a company that was once considered as a the leader in its industry. The photography pioneer led with a number of innovations that made them the top company in the industry for several years. The company was once considered as the source of innovation that kept the field of photography reach new heights.

There also seems to be a twinge of irony in this somewhat tragic story. It was Kodak that first invented the digital camera in 1975.  And it’s quite unthinkable that the company was not able to take advantage of the technology that has since become the accepted standard in photography today. Film photography has faded in terms of popularity over the years, a standard that Kodak still tries to stick with. Not being able to follow the current trend may have led to the revered company’s eventual downfall.

Since then, Kodak has been experiencing a gradual trip downward. Its once robust stock price has now been diminished to its current 43 cent value. It is even being planned for delisting at the New York Stock Exchange as its stock price has closed under a dollar for 30 consecutive trading days. It seems that the end is very near for the once formidable icon in the field of photography. Its time may have finally passed, although a better ending to this story would have been more appreciated.

 

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