WSJ: Kodak Prepares Bankruptcy Filing
Company says it doesn't comment on rumors
01/04/2012 | By Mark Huffman
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ConsumerAffairs.com
| Electronics
A published report says long-time camera and film manufacturer Kodak is preparing to file court papers for bankruptcy protection.
The Wall Street Journal reported today that the preparations are being made in case Kodak's efforts to sell a number of its patents prove unsuccessful. The Journal reports Kodak, whose name was once synonymous with photography, is trying to obtain about $1 billion in financing to keep the doors open during bankruptcy proceedings.
The Journal quotes sources it says are familiar with the matter as saying Kodak has about 1,100 patents it can sell to raise cash, but may need bankruptcy protection to give it time to negotiate the best deals. A Kodak spokesman declined to comment, the Journal said.
Tough times in the digital age
Founded as Eastman Kodak Company in 1892, the company has struggled to find its footing in the digital age. It recently stopped making its iconic Kodachrome film, a product that captured images for generations and inspired a number one hit song by singer-songwriter Paul Simon in the early 1970s.
The company last reported a profit in 2007 as it moved into producing digital cameras and office equipment. Mary, of Bradenton, Fla., is not a happy Kodak customer.
“I purchased an All-in-One Printer Esp 3200 about a year and a half ago,” Mary told ConsumerAffairs.com. “I was going to take it back immediately because it clunks and makes noise long after it has printed, and operates slow. I kept it and now wish I had returned it because mine has a problem with the print-head. I rarely use the printer and like everyone else says, it runs out of ink very quickly. This is not a savings in ink, and false advertising. From now on, I'm going with my gut instincts on brands. I just thought I'd give Kodak a shot and they're not ready.”
Meanwhile, the news that Kodak might be contemplating bankruptcy took few by surprise on Wall Street. Kodak has virtually becoming a penny stock, selling for less than $1. A bankruptcy filing would also allow Kodak to sidestep some expensive pension obligations to retirees.
Alice Crowe Bell (Wed, 04 Jan 2012 22:03:29 +0000): Good bye Kodak.
Lee Barry (Wed, 04 Jan 2012 22:46:56 +0000): Is Kodak also bankrupting their other holdings such as the Eastman kodak plant in Kingsport, Tn., "Tn. Eastman". I sure hope so. For years if you did not have one of the outrageously overpaid jobs at either Tn. Eastman or the Tn. Valley Authority you were looked down upon as not being their equals. There were never many job opportunities at either employer in the Upper East Tn./Southwest Va. area. All of the rest of us worked at minumum wage jobs with no benefits or a little higher wage and few benefits. I hope they all fall and Kodak has to cut out all of their benefits and retirement, let'em see how it is to have to "scuffle"for your next meat, and to live in gov't housing and only have food stamps to eat with and no "fancy" medical insurance program nor vacation days or "sick" days to sell back for big money. Goodbye Kodak and hopefully Tn. Eastman, we need you not anymore. What's' that swooshing sound I hear, could it be the suction of Kingsport, Tn. going down the Holstol River as Tn. Eastman sucks them in in its big fall. YAY
Chester Borowski (Thu, 05 Jan 2012 00:36:24 +0000): to: Mary from Bradenton, I had the same experience. Low cost ink, BUT how often you have to buy MOREand MORE.
Mike Moldenhauer (Mon, 09 Jan 2012 14:43:58 +0000): My complaint to Kodak:
Kodak All in One printers suck! Your customer service via telephone sucks. Why the *** don't you hire some service people who speak clear understandable English? I can't understand a word they say even when they repeat themselves 3 or 4 times! My first complaint is about connecting my ESP7 wireless: It was simple to do the first time around and it worked like a charm. But, then one day it quit working. I tried all of your solutions both on your sight, via live chat, and over the phone. All to no avail, so I connected with a USB cable, and was contemplating using a USB switch so I could use the printers features on 2 separate computers. This works OK except today the damned thing decided it would only print parts of a document. I have gone through all the on-board printer maintenance steps to no avail, and quite frankly I am sick and tired of this kind of crap. My other complaint is the damned ink cartridges are way to expensive when compared to how long they last, and your extended life cartridges for this machine do not last any longer than the regular cartridges, so why the *** do you even offer them? I'm writing myself a reminder to go see a shrink the next time before I buy a Kodak printer and, I am posting this complaint on the Pissed Consumer Website. 26524f3