Eastman Kodak Co has had its ups and downs over the last year in their pursuit of debt reorganization. After facing big decisions regarding patent sales, future financing and selling rights to key operations the company is finally looking at a conclusion in their bankruptcy case in the coming months.
Fresh Face Of Success
Kodak first filed for Chapter 11 in January of 2012 for help with debt liabilities resulting from repeated profit losses. Failing to embrace modern technologies, Kodak has become the unfortunate face for digital age failure among once industry leading companies. Entering bankruptcy with a reported $2.2 billion in debt obligations, Kodak is now feeling confident they can resolve their financial troubles as soon as July.
One of the resolution items in the works is the release of new stock shares, to which the majority of the profit will go to second-lien holders. The bankruptcy plan also includes the streamlining operations that will focus solely on the sale of printing equipment and services. A preliminary analysis predicts that Kodak could boost revenue by nearly $ 1 billion by 2017, an estimate that is sure to please remaining creditors.