Kodak Is Officially Bankrupt
Following up from our previous story anticipating the state of financial affairs at Kodak, today comes the news confirming that the former photography giant is now officially bankrupt. One time, Kodak held a 90% share of the photographic film market, began its steady decline in the late 1990s as digital photography and printing began leading the way. This lead to a horrific state of affairs in 2011 and the hiring of law firm Jones Day for restructuring advice late last year, forced upon with Kodak last making a profit in 2007 and having been forced to secure financing upwards of $950 million USD from Citigroup, Inc. in an attempt to fund a restructuring of the floundering enterprise.
Thanks to Wall Street Journal for the info.