What's With Kodak?

[jon]

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

[jawbone]

In other words, they received some money in order to keep 'operating' while they sell off patents for the maximum amount of money so they can repay creditors and 'gently' let employees go. ( a credible move)
Kodak missed the boat as far as the digital age goes, even though it's given credit for inventing the digital camera.
I anticipate the last 'Kodak Moment' will be in 2013.

[Ross Ewage]

I anticipate the last 'Kodak Moment' will be in 2013.

Let's try not to be too negative. This is a developing story.

[Tape Splicer]

Here is the Paul Anak song that was used for KODAK's TV commercials in the mid '70's. ("Good Morning Yesterday" - Paul Anka) (YouTube)

https://www.youtube.com/watch?v=RWHL_4_ia_Y

[Russ_Byth]

Here is the Paul Anak song that was used for KODAK's TV commercials in the mid '70's. ("Good Morning Yesterday" - Paul Anka) (YouTube)

https://www.youtube.com/watch?v=RWHL_4_ia_Y

Really? I always associate another Paul (Simon) with Kodak

http://www.youtube.com/watch?v=wZpaNJqF4po

[45 RPM]

I'll take Paul Simon's Kodachrome over the schmaltzy Paul Anka "Times Of Your Life" anyday.

http://www.youtube.com/watch?v=wZpaNJqF4po

[Tape Splicer]

I must agree, I do like the Paul Simon song more, but it was Paul Anka's song that was first a commercial jingle for KODAK then a "hit" song. Both songs made major bucks for each of them.

[PMC]

The other industries that kept them going are gone too... digital imaging uses a hard disk to store, rather than film.

[pave]

Is there a lesson for Radio in this? Sure am glad we're not in the business of manufacturing buggy-whips.

[jon]

The other industries that kept them going are gone too... digital imaging uses a hard disk to store, rather than film.

Assuming that Kodak did indeed invent the digital camera, as was mentioned earlier, they should have been smart enough to be the first to see where the market was going.

You mention hard drives, but the "original" storage medium is the Memory Card because that is where cameras store their pictures as they are taken -- I'm not aware of any cameras currently being made with any internal memory for pictures. Had they been at the forefront of the SD and microSD (and SDHC/XC) business, they would have had a chance to survive. As it was, I don't think they even dominated the digital camera business at any point where it involved millions of units sold. Which, of course, was much more profitable than memory cards. Though you have to wonder, when HP admits that ink-jet printer ink cartridges was where most of their profit was for many years.