In the last couple of days, someone told me that Kodak just got out of the camera business. And just now I saw headlines that Kodak just went bankrupt. And then I read this article that, instead of conjuring up the image of bankruptcy as in going out of business, makes me think they will suddenly spring back to life ("reorganization"). I guess they are just "winding down the business".
Here is the AP article that clarifies the issue:
Kodak gets 2013 deadline to reorganize
ROCHESTER, New York — Eastman Kodak Co. has obtained a bankruptcy judge's approval to borrow an initial $650 million from Citigroup Inc. to keep operations running while it peddles a trove of digital-imaging patents.
The ailing photography pioneer filed for bankruptcy protection on Thursday, and is required under the financing terms to produce a reorganization plan by Feb. 15, 2013.
U.S. Bankruptcy Judge Allan Gropper in New York also set a June 30 deadline for Kodak to seek his approval of bidding procedures for the sale of 1,100 patents that analysts estimate could fetch at least $2 billion.
After years of struggles to transform itself into a printing powerhouse, Kodak ran short of cash and sought protection from its creditors. It has been trying to sell its patents since July.
—Copyright 2012 Associated Press