On Thursday, the Eastman Kodak Co. filed for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code. The company’s history dates back to the 19th century when its founder, George Eastman, introduced the first simple camera to society in 1888.
Recent files show that Kodak had assets of $5.1 billion with debts of $6.75 billion. On the decision for the company, CEO Antonio M. Perez said, “After considering the advantages of Chapter 11 at this time, the board of directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak.” With the assistance of Citigroup Inc., Kodak will continue to operate its business under Chapter 11 and will continue to provide goods and services to its customers.
