Kodak Files for Bankruptcy

Submitted by patentadmin on Thu, 01/19/2012 - 20:20

January 19, 2012 - As part of its ongoing struggle to avoid going out of business, Kodak has filed for Chapter 11 bankruptcy. This move will allow Kodak to restructure its debt while it fights patent battles in several different lawsuits.

At the same time, Kodak has also secured a $950 million line of credit from Citigroup that it will use to "enhance liquidity and working capital."

Also this week, Kodak announced that it filed a new patent infringement lawsuit against Samsung. And earlier this month, Kodak filed other patent infringement lawsuits against Fujifilm, Apple and HTC.

Kodak's CFO Antoinette McCorvey was quoted by the Wall Street Journal as saying that Apple, RIM and HTC Corp. took advantage of Kodak's perilous financial condition, prolonging their lawsuits with Kodak and turning them into wars of attrition.