Posted on 18th May 2012 by Stacey
Posted on 19th Jan 2012 by Antony
FotoNews
January 19, 2012 12:22 AM Eastern Time
Eastman Kodak Company and Its U.S. Subsidiaries Commence Voluntary Chapter 11 Business Reorganization
Flow of Goods and Services to Customers to Continue Globally in Ordinary Course
Non-U.S. Subsidiaries Are Not Included in U.S. Filing and Are Not Subject to Court Supervision
Company Secures $950 million in Debtor-in-Possession Financing in U.S.
Kodak's Reorganization to Facilitate Emergence as Profitable and Sustainable Enterprise
ROCHESTER, N.Y.-(BUSINESS WIRE)-Eastman Kodak Company ("Kodak" or the "Company") announced today that it and its U.S. subsidiaries filed voluntary petitions for chapter 11 business reorganization in the U.S. Bankruptcy Court for the Southern District of New York.
"Our goal is to maximize value for stakeholders, including our employees, retirees, creditors, and pension trustees. We are also committed to working with our valued customers."
The business reorganization is intended to bolster liquidity in the U.S. and abroad, monetize non-strategic intellectual property, fairly resolve legacy liabilities, and enable the Company to focus on its most valuable business lines. The Company has made pioneering investments in digital and materials deposition technologies in recent years, generating approximately 75% of its revenue from digital businesses in 2011.
Kodak has obtained a fully-committed, $950 million debtor-in-possession credit facility with an 18-month maturity from Citigroup to enhance liquidity and working capital. The credit facility is subject to Court approval and other conditions precedent. The Company believes that it has sufficient liquidity to operate its business during chapter 11, and to continue the flow of goods and services to its customers in the ordinary course.
Kodak expects to pay employee wages and benefits and continue customer programs. Subsidiaries outside of the U.S. are not subject to proceedings and will honor all obligations to suppliers, whenever incurred. Kodak and its U.S. subsidiaries will honor all post-petition obligations to suppliers in the ordinary course.
"Kodak is taking a significant step toward enabling our enterprise to complete its transformation," said Antonio M. Perez, Chairman and Chief Executive Officer. "At the same time as we have created our digital business, we have also already effectively exited certain traditional operations, closing 13 manufacturing plants and 130 processing labs, and reducing our workforce by 47,000 since 2003. Now we must complete the transformation by further addressing our cost structure and effectively monetizing non-core IP assets. We look forward to working with our stakeholders to emerge a lean, world-class, digital imaging and materials science company."
"After considering the advantages of chapter 11 at this time, the Board of Directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak," Mr. Perez continued. "Our goal is to maximize value for stakeholders, including our employees, retirees, creditors, and pension trustees. We are also committed to working with our valued customers.
"Chapter 11 gives us the best opportunities to maximize the value in two critical parts of our technology portfolio: our digital capture patents, which are essential for a wide range of mobile and other consumer electronic devices that capture digital images and have generated over $3 billion of licensing revenues since 2003; and our breakthrough printing and deposition technologies, which give Kodak a competitive advantage in our growing digital businesses."
Mr. Perez concluded, "The Board of Directors, the senior management team and I would like to underscore our appreciation for the hard work and loyalty of our employees. Kodak exemplifies a culture of collaboration and innovation. Our employees embody that culture and are essential to our future success."
Kodak has taken this step after preliminary discussions with key constituencies and intends to work toward a consensual reorganization in the best interests of its stakeholders. Kodak expects to complete its U.S.-based restructuring during 2013.
The Company and its Board of Directors are being advised by Lazard, FTI Consulting Inc. and Sullivan & Cromwell LLP. In addition, Dominic DiNapoli, Vice Chairman of FTI Consulting, will serve as Chief Restructuring Officer to support the management team as to restructuring matters during the chapter 11 case.
More information about Kodak's Chapter 11 filing is available on the Internet at www.kodaktransforms.com. Information for suppliers and vendors is available at (800) 544-7009 or (585) 724-6100.
Kodak will be filing monthly operating reports with the Bankruptcy Court and also plans to post these monthly operating reports on the Investor Relations section of Kodak.com. The Company will continue to file quarterly and annual reports with the Securities and Exchange Commission, which will also be available in the Investor Relations section of Kodak.com.
A/R
Mr
Why is it a shame ? They failed miserably to keep up with technology instead choosing to blindly believe that their customers would follow them. Unfortunately for Kodak their customers, many who are from the art world voted with their feet and decided to move with the times - democracy in action in a capitalist world.
Posted at: 24th Jan 2012 3:13 PM
That and...
they're crazy lying adverts for 'cheap ink' are ridiculous, they were one of the most expensive brands , just behind the "Dell - Lexmark" brigade.
Posted at: 25th Jan 2012 10:02 AM
Creative Director TPA
Not a shame, perhaps not to some in the corporate world.
Survival of the fittest and perhaps they were not, any longer the fittest.
However when George Eastman started Kodak the man was on fire and even a cursory glance at the Kodak record will stand testament to this. Cameras affordable and for everyone, camera film taken on rockets to the moon even the name dreamt up by a man who understood more about marketing than most- ‘a Kodak moment’ a brand your could easily recall and as Eastman himself said- ‘it should be short; one cannot mispronounce it, and it could not resemble anything or be associated with anything but Kodak ‘. Yes 1976 when Kodak had an unbelievable 90% market share of photographic film sales in the U.S may have passed, and yes as a company judged on it’s profit and loss sheet maybe Kodak is a failure. Despite this in the history books, Kodak, whatever happens next year, will go down as one of the absolute giants in the business of photography and in my opinion to witness a good giant go, even if he has to, is a bit of a shame.
Posted at: 25th Jan 2012 10:27 AM
Kodak
It would be a great shame for a lot of true photographers - kodak 120 roll film in my opinion is the best on the market and has been for years. Over the last couple of years photography has been hit hard through the digital age, some aspects evolving quickly and some not. Kodak has continued to supply the purist photographers still out there with portra film and recently improved is quality.
It would be very sad to loose kodak film forever.
Posted at: 30th Jan 2012 9:54 PM
Posted on 19th Jan 2012 by Antony
Vernacular Photography
Vernacular photography or amateur photography refers to the creation of photographs by amateur or unknown photographers who take everyday life and common things as subjects.- (wikipedia).
"Aesthetically unpretentious, generally functional images made by amateur snapshooters or grass-roots professionals"- Robin Lenman.
Examples of vernacular photography are: Family Snapshots, Travel Photos, Photo Booth, School/ID Photos, Amateur Portraits, Souvenir Type Photos & Works by Itinerant Photographers
Invented in France and England in the first part of the 19th Century, Photography was for a long time stuck in the portrait studio where the upper classes went to have their picture taken. Within months of Daguerre's 1839 announcement of his photographic breakthrough in Paris, many amateurs began experimenting with the daguerreotype process capturing their members of their families in what would be the first family photographs. By the 1890's there had been a tremendous rise in amateur photography with the arrival of smaller formats and more simple cameras to use. The family album was born, where visual fragments of daily life were collected and preserved.
This exhibition will attempt to explore the genre of vernacular photography.
thumbnail: Young Love - Chris Cockerill
This theme was researched and written on for the The Photographic Angle by Malin Sjoberg, former assistant to the coordinator of exhibitions for MAGNUM photos Paris. M.Sjoberg is currently based in the UK and works both as a practitioner, specialising in historic photographic processes, and as a freelance photographic consultant having studied photography at Rockport College Maine, the Art Institute of Boston and several workshops under the tutelage of Scully & Osterman.
Posted on 28th Nov 2011 by Antony
We were really pleased this month to have installed our VOICES exhibition See It Our Way in the Birmingham Ormiston Academy (BOA). See It Our Way is an exhibition curated by PhotoVoice through their participatory photographic workshops. The work shows the lives of communities who are often hidden or invisible and whose voices need to be heard.
BOA is an independent state funded 14-19 Academy specialising in Creative, Digital and Performing Arts. As such it was the perfect space for us to exhibit this work, students currently experimenting in new media, including photography. Pushing the limits of contemporary photography, we very much hope to be able to bring new and interesting work closer to students and the public whenever and where ever possible.
The Academy was great to work with and we're hoping to catch up with them in the new year.
Cheers guys I hope you were as pleased with the show as we were!
I'm not quite sure how to say this; you made it etxeremly easy for me!
I'm not quite sure how to say this; you made it etxeremly easy for me!
Posted at: 11th Jan 2012 2:26 PM
Apparently this is what the esteemed Willis was talikn' 'bout.
Apparently this is what the esteemed Willis was talikn' 'bout.
Posted at: 11th Jan 2012 3:58 PM
Why do I bother calling up poeple when I can just read this!
Why do I bother calling up poeple when I can just read this!
Posted at: 13th Jan 2012 8:49 AM
Posted on 28th Nov 2011 by Antony
Finally an opportunity to write a little about 'Between Here and There' our touring exhibition currently headed to Milton Keynes before hitting our nations capital and the mammoth venue which is Market Towers- Vauxhall.
Between Here and There is a photographic exhibition we began touring some time back with a relatively small number of works and photographers it has, however, now transformed into a fully mature touring exhibition with 11 participating photographers all interpreting the theme in their own unique way.
The theme itself is related to our understanding of 'place', to read more about the exhibition theme, see tour dates or further information on the photographers themselves click on the links which will take you through to the relevant pages on our site.
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