KODAK FILED FOR BANKRUPTCY

KODAK HAS FILED FOR BANKRUPTCY BESIDES PIONEERING IN THE CAMERA SEGMENT FOR THE FIRST TIME IN THE WORLD IN 1880'S IT NOW FINDING APPROPRIATE BUYERS WHO CAN BUY THERE 1100 PATENTS IN THE DIGITAL MEDIA CATEGORY WHICH IS A MAJOR VALUE. KODAK EMPLOYED 17000 EMPLOYEES WHICH IS DOWN FROM 63900 JUST 9 YEARS AGO.
ACCORDING TO THE PAPERS FILED WITH THE U.S BANKRUPTCY COURT IN MANHATTAN , KODAK HAD ABOUT $5.1 BILLION OF ASSETS AND 6.75 BILLIONS OF LIABILITIES AT THE END OF SEPTEMBER. NOT ONLY THIS KODAK HAS ALSO TAKEN CREDIT OF WORTH $950 MILLION FROM CITY BANK FOR 18 MONTHS. IT SAID THEY EXPECT TO COMPLETE THE PROCESS OF BANKRUPTCY ONLY BY 2013. THE CHAIRMEN AND CHIEF EXECUTIVE ANTONIO PEREZ SAID IT IS THE RIGHT STEP WHICH THEY HAVE TAKEN IN ORDER TO REVIVE KODAK AS A BRAND IN FUTURE.