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Kodak preparing for bankruptcy

Posted on Monday, January 9th, 2012 at 4:15 pm    

The 131 year-old photography company, Eastman Kodak Co., could be preparing to file for bankruptcy as early as February, according to the Wall Street Journal.

Kodak is relying on the sale of 1,100 digital imaging patents, estimated at $2 billion to $3 billion, to stay afloat. However, there have been no offers since the company began shopping them around this summer. The company’s shares dropped to 47 cents last week and continued to fall after hours. The NYSE has warned it will be delisted if it stays under $1 for the next six months.

While digital cameras continued to become more affordable to the public, Kodak focused on producing commercial inkjet printers. It expects the printers to have made a profit during the October-December quarter.

If your business is on the verge of bankruptcy, contact the Houston bankruptcy lawyers of the Law Office of Russell Van Beustring today by calling 713-973-6650.

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