Last Updated on 08/21/2013 by Julius Motal
Bloomberg News reports that Kodak, the company which used to dominate the photography industry, has won court approval to plan their bankruptcy exit. Moving away from cameras, film sales, and consumer photo developing, the company is going to focus on commercial printing and won’t be selling anything to consumers anymore. The post-bankruptcy plan is cutting $4.1 billion of debt, so Kodak can become a new company and shed its past to survive. Kodak will also be selling $406 million of new stock to raise funds, and old creditors will be investing new money in Kodak, to help with the company’s restructuring. In its reorganization plan, Kodak will also be focusing on a new technology: touch screen sensor components for smartphones and computer tablets. Finally, as good news to film aficionados, Kodak will continue to manufacture motion picture film.
Now, let’s take a look at the entire timeline of what’s been happening in Kodak’s current whirlwind.
2/10: Kodak announces that they’re backing out of the camera business.
3/01: Kodak discontinues all their slide film.
7/03: Ektachrome becomes tougher to find in stores.
8/23: The first mumbles of the company selling off their film business hits the web.
9/28: After previously announcing that they would restructure to work in the printing business (and even after going to many trade shows in NYC showing off their printers) Kodak announces that they’re pulling out of the printer business.
11/14: Kodak becomes set to receive $793M from a slew of banks, however there is a stipulation that the company make at least a half a billion on their patent sales, which thus far has not been a successful venture.
11/24: Rumors stir that Lomography may be a potential suitor for Kodak.
12/07: The company’s digital imaging patents are sold for $500+ Million.
12/13: In a very weird move, Kodak releases a new Super 8 film.
12/19: Apple, Google and Microsoft are named amongst the purchasers of Kodak’s patents.
1/18: Kodak and a company that might as well be branded a startup called JK Imaging announce a new Micro Four Thirds camera. JK Imaging is also announced as a new member of the Micro Four Thirds coalition.
1/23: The approval for the massive loan finally comes through.
1/24: Kodak expects to exit bankruptcy before the end of the year.
4/15: Kodak Sells Their Document Imaging Division to Brother
4/29: Kodak Spins Off Its Personalized Imaging and Document Imaging Businesses
6/7:Kodak Lays Off 61 More Workers at Its Lake Avenue Plant
6/13: Kodak Is Ending the Production of Its Acetate Film Base
6/20: Kodak Gets Loans to Pay Off Debt, Then Needs to Pay Loans Back
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