Despite its recent strategy of “sue everybody for everything,” Kodak has succumb to its financial pressures and filed for Chapter 11 business reorganization in New York. The iconic photography company isn’t dead yet, however, just very broke.
Kodak has already shuttered 13 manufacturing plants, 130 processing labs, and sheared 47,000 worked from its payroll since 2003 in an effort to offload its unprofitable divisions. Moving forward, Kodak hopes to leverage its existing “digital capture” patents and printing products to create “a lean, world-class, digital imaging and materials science company,” said CEO Antonio Perez in a press release. The business restructuring should be completed by 2013.
Apparently suing Samsung wasn’t the only pressing business for Kodak today, as it just announced it has — as expected — filed for Chapter 11 business reorganization in New York. You can read the details in the press release after the break or at the Kodak Transforms website, where Chairman and CEO Antonio Perez is quoted saying he hopes Kodak will “emerge a lean, world-class, digital imaging and materials science company”. The company has obtained $950 million debtor-in-possession financing, which it claims will provide the liquidity needed to continue operations during the restructuring. As far as its recent parade of lawsuits against Samsung, Apple and HTC, Perez comments on “monetizing non-core IP assets” so we’d assume its lawyers will stay busy going forward.