Kodak Bankruptcy

October 1, 2011 by USA Post 

Kodak BankruptcyKodak Bankruptcy, New York, the company confirmed that Eastman Kodak has hired a restructuring adviser heavyweight, but said the filing for Chapter 11 bankruptcy is not an option.

Kodak has been struggling with the industry’s transition from film to digital technology and has published only a year in the black since 2005, when current CEO Antonio Perez took over, The Wall Street Journal reported on Saturday.

Kodak fortunes in the stock market have suffered a blow with confirmation that hired the law firm Jones Day, and with the recent announcement that it had developed and 160 million line of credit.

Kodak’s cash on hand and was listed at 957 million June 30, but also spent and 847 million of its cash reserves in the first half of the year. He has also said it would sell more than 1,000 patents in an effort to remain solvent.

Investors have poured this week Kodak bonds with an average time of sale of bonds of 26 cents this week, the Journal said.

Credit rating agency Fitch this week downgraded the company’s CCC CC, an undesired state “means that the failure of some kind seems likely,” said Fitch.

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