Eastman Kodak files for bankruptcy

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Eastman Kodak, the company that invented the hand-held camera, filed for bankruptcy on January 19. The Chapter 11 filing provides Kodak with an opportunity to restructure its operation and maximize the value of its digital patents (1,100 in all) which are used in virtually every modern digital camera, smartphone and tablet. The company said that it had about $5.1 billion in assets and nearly $6.8 billion in debts.
This is also another huge hit for the town of Rochester where Kodak has been based for most of its 132 years and has been central to the city’s economy.
To read more: “Eastman Kodak Files for Bankruptcy,” New York Times; “Eastman Kodak’s bancruptcy filing gives workers, retirees and investors the jitters,” Washington Post; “Eastman Kodak files for bankruptcy,” Christian Science Monitor, and the Eastman Kodak’s press release

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