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Eastman Kodak Co, which invented the hand-held camera and helped bring the world the first pictures from the moon, has filed for bankruptcy protection, capping a prolonged plunge for one of America's best-known companies.
The more than 130-year-old photographic film pioneer, which had tried to restructure to become a seller of consumer products like cameras, said it had also obtained a $950 million, 18-month credit facility from Citigroup to keep it going.
The loan and bankruptcy protection from U.S. trade creditors may give Kodak the time it needs to find buyers for some of its 1,100 digital patents, the key to its remaining value, and to reshape its business while continuing to pay its 17,000 workers.
Kodak files for bankruptcy, secures $950 million lifeline - Yahoo! News
Seeded on Thu Jan 19, 2012 5:19 AM EST
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- Public Discussion (6)
Once management gets its collective hands in the cookie jar all bets are of for is future. The arrogance of companies who feel that they are too big to fail ultimately winds up on the backs of their employees who made them great. Kind of like their 17,000 here. No company prospers that refuses to recognize the value of their greatest Assets, their employees and this is now the way of US manufacturers.
- 2 votes
#3 - Thu Jan 19, 2012 11:21 AM ESTI've loved my Kodak cameras, every one of them. This is sad but hopefully they'll find a way to pull themselves out of their problems with this leg up.
- 2 votes
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