Eastman Kodak: Chapter 11 Bankruptcy Protection

Eastman Kodak, the once mighty icon of the photography industry, filed for Chapter 11 bankruptcy protection Thursday. The company said it has obtained $950 million in financing from Citibank to maintain operations. The company said the credit facility is still subject to court approval. Kodak said it has enough liquidity to continue operating during the bankruptcy process.

Kodak acknowledged, in its Chapter 11 filing, that it had more than 100,000 creditors, with debts totaling $6.75 billion. Kodak company also said that it had assets of $5.1 billion, with properties in Rochester, N.Y., Windsor, Colo. and Weatherford, Okla. Kodak’s top creditor is the Bank of New York Mellon in its role as trustee for other bondholders, with claims of more than $650 million. Other creditors include Sony, Nokia, WalMart, Target, Best Buy, Office Max, Disney Studios and CVS.

Kodak has long struggled to evolve its business design from film and compete in the digital age, even though it was an early pioneer of digital photography. For months, bankruptcy rumors have dogged the venerable company, which was founded by George Eastman in 1888.

In addition to licensing its technology, Kodak has been trying to develop its printing and digital camera business. The company also retired its traditional film brand Kodachrome in 2009, after 74 years. Amid its financial demise, Kodak’s stock has also suffered considerably. Shares tumbled almost 90% last year to penny stock status.

Kodak was delisted from the S&P 500 in December 2010, and was dropped from the Dow Jones industrial average in 2004.

 

Source: CNN

Image: Bajan Sun Online

Why Windows Phone is a Buzz at CES

Microsoft may have finally accomplished something it has failed to do at the last six Consumer Electronics Show events I’ve attended: It has people talking about its phones. Even before Steve Ballmer’s Monday night keynote address, I’m hearing “Windows Phone” in various conversations everywhere I travel.

AT&T will launch the first 4G LTE Windows Phone in the HTC Titan II, while Nokia has debuted the Lumia 900 on the same carrier. And SlashGear reports Nokia Lumia 800 has a February launch date in the U.S. as an unlocked, full-price phone. So why the buzz?

First is Nokia’s involvement; in February of last year, the company ditched its aging Symbian platform in favor of Microsoft’s capable platform. Nokia smartphone sales have sagged and people wondered if this was another exercise in futility. But with its Windows Phone devices, Nokia has picked up not one, but two U.S. carriers for its Lumia handsets: T-Mobile for the 710 and AT&T for the 900. Then there’s Windows 8, where a reference design tablet ran Microsoft’s OS on Nvidia’s quad-core Tegra 3 chip.

Do Microsoft-powered phones have all of the latest and greatest features found on Android or iOS devices? Not yet, but they’re getting there and the functions most users do use are in there. In other words, Microsoft’s recipe for Windows Phone success has all of the ingredients in place. Now that they’ve all been cooking the past 18 months, some of the early treats are coming out of the oven. And people here at CES seem hungry for more.

 

Source: Digg

Image: Computer World