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Kodak plummets 54% on bankruptcy rumors
  • Vitaliy_KiselevVitaliy_Kiselev
    Shares of Eastman Kodak dropped almost 60% Friday, with trading halted several times amid rumors that the camera maker has hired a law firm for advice on a major restructuring or bankruptcy filing.

    The Wall Street Journal said Friday that Kodak had hired law firm Jones Day for restructuring. Bloomberg said the company hasn't officially hired a firm yet, but that bankruptcy is among the options being considered.

    A representative for Jones Day declined to comment, and Kodak did not immediately respond to requests.

    The rumors come just days after Kodak was forced to draw from its credit line, had its credit rating downgraded by two major agencies, and received harsh words from a stockholder.

    Kodak shares plunged 54% Friday on the news to a mere 78 cents. The stock is down a whopping 86% year-to-date.

    Via: http://money.cnn.com/2011/09/30/technology/kodak_bankruptcy_rumors/
  • 12 Replies sorted by
  • Brian202020Brian202020
    I don't think Kodak is going anywhere, they're Kodak for fuck sake. Now might be the time to buy stocks.
  • drogodrogo
    I worked retail for 5 1/2 years, and always found the Kodak cameras to be absolute crap. Very poor build quality on many of them, and they always seemed to be worse compared to other manufacturers' offerings. Brand-wise, they always seemed to be at the bottom of the food chain. They sold quite a few digital picture frames, but I also found those to be of low image and build quality. Then they came out with their printer series with the budget-priced ink cartridges, flying in the face of every other printer manufacturer. They were successful printers ONLY because of the ink cost.... the machines themselves were not high quality, and the early ones had very well-known problems. Kodak failed in the DSLR market early on, and since then, they have never offered anything I would consider of high quality. So, I am not too surprised about their current failures, and perhaps a re-structuring is needed for them to re-think their company and products.
  • Brian202020Brian202020
    Like I said in the other thread, They need to sell focal reducers. I guarantee everyone with a m43, NEX or any other mirrorless/cropped sensor system will want one. It's just finding the sweet spot in price where most people can afford it, and they can still make a profit, would be one of the many things they need to do to get out of this problem. Or just sell their patent to the highest bidder.
  • Vitaliy_KiselevVitaliy_Kiselev
    @Brian202020
    :-)
    Yep, focal reducers will save Kodak :-) In a galaxy far far away.
  • Brian202020Brian202020
    It's one of the MANY things they need to do :)
  • Vitaliy_KiselevVitaliy_Kiselev
    I have a long list for today.
    Suicide is number one
    But later in the day it is also very busy :-)
  • Brian202020Brian202020
    3/4 of movies are still shot on film. Some studio will bail them out before they fold.
  • drogodrogo
    But doesn't Fujifilm still make 35mm film? The studios could all just switch to Fujifilm.
  • Brian202020Brian202020
    They could, but fuji is not as good.
  • brianlucebrianluce
    If you can imagine Sony, Panasonic, Canon, Pentax, Nikon, Dell, and HP all rolled in to one company, that is the kind of clout Kodak used to have.
  • Vincent_PereiraVincent_Pereira
    Fuji has a different look than Kodak negatives, but that doesn't mean it's "not as good". Having read American Cinematographer for years, it's interesting to note that more than a few DPs like to mix it up, shooting on Kodak negative and printing on Fuji or vice versa, and a lot of IMAX films I've seen list Fuji on the credits as opposed to Kodak.
  • StrayStray
    Fuji also still make 16mm stock too, across all of their range as well. Its more expensive though than Kodaks is.
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