The arc of Kodak’s bankruptcy story starts last year, 2012, when the famed camera company filed for bankruptcy in Judge Allan Gropper’s court, and ends with Gropper’s approval yesterday. This means that Kodak – a much different Kodak, as Doreen McCallister reports for NPR – could resume operations in September.
In this business bankruptcy case, Kodak has slimmed down. It no longer builds cameras, for one thing, which is perhaps what the company was most known for. Instead, Kodak will focus on commercial and packaging printing.
NPR quotes an insider analyst: “What Kodak makes now is equipment that will allow you to print labels that might go on, say, a juice bottle or something like that.”
The quote seems to hint at Kodak’s fall from prominence in the camera industry.
Kodak went from $13 billion in revenue in 2003 to $6 billion in 2011, according to McCallister, but most unfortunate, it seems, is the fact that many former employees will lose out on their retirement benefits, along with healthcare benefits. At the same time, the U.S. Trustee has objected to “hefty” financial bonuses that will be given to executives once the company exits bankruptcy.
Famous Camera Company Kodak Exits Bankruptcy Without Cameras