Eastman Kodak Co. and its U.S. subsidiaries recently announced the company was filing for Chapter 11 bankruptcy protection. Kodak will use the protection of Chapter 11 bankruptcy as a time for reorganization and transformation.
Filing Chapter 11 bankruptcy will allow Kodak to keep many of its assets and continue operations such as the distribution of goods and services to consumers, throughout the filing process. Kodak released a statement explaining they intend to “bolster liquidity,” in the United States and abroad. The news release went on to explain that Kodak intends to work with its stakeholders to shift the company’s focus to its most valuable commodities.
As part of the transformation, Kodak has decreased its workforce by 47,000 since 2003. The company has also taken steps such as closing 13 manufacturing plants and 130 processing labs. The company hopes to emerge from the transformation as a more digitally operated company.
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