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jogiba · 10-01-2011, 10:04 AM

Quote:

Investors dumped Eastman Kodak's stock Friday amid fears that the photography pioneer is headed toward bankruptcy.

After its stock lost more than half its value in a volatile day of trading, Kodak tried to paint a rosier picture. "Kodak is committed to meeting all of its obligations and has no intention of filing for bankruptcy," the company said in a statement. The reassurance lifted Kodak shares in extended trading, but the rebound wasn't enough to undo the damage sustained in a brutal week for a hallowed name in U.S. business.

The Wall Street Journal rattled Kodak's already jittery shareholders with a Friday report that the company has hired Jones Day, a law firm that dispenses advice on bankruptcies and other restructuring alternatives.

Kodak confirmed the Jones Day hiring in its statement, describing the firm as one of several advisers helping its management turn around the Rochester, N.Y., company after losing nearly $1.8 billion since 2007. "It is not unusual for a company in transformation to explore all options and to engage a variety of outside advisers," Kodak said.

Friday's news followed a Kodak disclosure earlier this week that the company was borrowing $160 million from a $400 million line of credit.

The daisy chain of events convinced some investors that Kodak is running out of cash as it scrambles to adapt to the age of digital imagery.

Kodak shares plunge as bankruptcy fears escalate - CBS News

SpecialK · 10-01-2011, 05:17 PM

I have no current use for Kodak products, but it would be a shame for this once-important-to-our-hobby company to go belly up, even if they came late to the digital party.

**ChrisPlatt** · 10-01-2011, 06:16 PM

There is an ongoing discussion of this topic here:

Pentaxforums: Gloomy outlook for Kodak

Chris

pingflood · 10-02-2011, 12:03 AM

Originally posted by SpecialK

I have no current use for Kodak products, but it would be a shame for this once-important-to-our-hobby company to go belly up, even if they came late to the digital party.

Releasing DSLRs in the early 90s was "late to the party"?

Not sure why they dropped the pro gear to try to sell Easyshare crap though. They did have a few nifty compacts that had two lenses, one zoom and one wide angle prime, but other than that their lineup seemed fairky generic.

jogiba · 10-02-2011, 05:22 AM

Originally posted by SpecialK

I have no current use for Kodak products, but it would be a shame for this once-important-to-our-hobby company to go belly up, even if they came late to the digital party.

http://www.nikonweb.com/files/DCS_Story.pdf

http://www.todayandtomorrow.net/2010/08/24/kodaks-first-digital-camera/

RioRico · 10-02-2011, 08:30 AM

Originally posted by pingflood

Releasing DSLRs in the early 90s was "late to the party"?

Not sure why they dropped the pro gear to try to sell Easyshare crap though. They did have a few nifty compacts that had two lenses, one zoom and one wide angle prime, but other than that their lineup seemed fairky generic.

Actually, Kodak *invented* digital photography. Without Kodak, no party! But I suspect Kodak's R&D effort's paralleled those of Polaroid and Xerox -- lots of research, many nifty ideas and gadgets, and too little development of products. Xerox PARC invented laser printing, Ethernet, the modern personal computer, graphical user interface (GUI), object-oriented programming, ubiquitous computing, and more, and didn't exploit most of those as products. From accounts I've read, Xerox management decided not to develop products away from the firm's core competencies and market in copiers. I'll guess Kodak management saw digital as a sideline unrelated to their core interest: film and its chemistry. Or as I like to put it, Kodak was too busy milking old cash-cows. I'll also guess that Kodak was/is managed by bean-counters, not visionaries. RIP.

Raffwal · 10-02-2011, 09:29 AM

Kodak was a major player in the film-era medical imaging business. A decade ago they finally realized film was out and digital in and announced a serious commitment to digital. Well, not that much came out if it and today they're pretty marginal even there.

thethirdcoast · 10-02-2011, 04:00 PM

I live in Rochester and it's always funny to imagine how different things could've been if people with enough authority AND vision had been in charge at Kodak and Xerox. Maybe it happened on another version Earth. Oh well.

LightMeter · 10-09-2011, 08:24 AM

I hope Kodak can survive. They have some nice films, especially E100VS.

10-01-2011, 10:04 AM	#1
jogiba Banned Join Date: Sep 2006 Location: Millstone,NJ Posts: 6,491	Kodak shares plunge as bankruptcy fears escalate Quote: Investors dumped Eastman Kodak's stock Friday amid fears that the photography pioneer is headed toward bankruptcy. After its stock lost more than half its value in a volatile day of trading, Kodak tried to paint a rosier picture. "Kodak is committed to meeting all of its obligations and has no intention of filing for bankruptcy," the company said in a statement. The reassurance lifted Kodak shares in extended trading, but the rebound wasn't enough to undo the damage sustained in a brutal week for a hallowed name in U.S. business. The Wall Street Journal rattled Kodak's already jittery shareholders with a Friday report that the company has hired Jones Day, a law firm that dispenses advice on bankruptcies and other restructuring alternatives. Kodak confirmed the Jones Day hiring in its statement, describing the firm as one of several advisers helping its management turn around the Rochester, N.Y., company after losing nearly $1.8 billion since 2007. "It is not unusual for a company in transformation to explore all options and to engage a variety of outside advisers," Kodak said. Friday's news followed a Kodak disclosure earlier this week that the company was borrowing $160 million from a $400 million line of credit. The daisy chain of events convinced some investors that Kodak is running out of cash as it scrambles to adapt to the age of digital imagery. Kodak shares plunge as bankruptcy fears escalate - CBS News

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10-01-2011, 05:17 PM	#2
SpecialK Pentaxian Join Date: Dec 2006 Location: So California Photos: Gallery Posts: 16,482	I have no current use for Kodak products, but it would be a shame for this once-important-to-our-hobby company to go belly up, even if they came late to the digital party.

10-01-2011, 06:16 PM	#3
ChrisPlatt Site Supporter Join Date: Nov 2007 Location: Rockaway Beach NYC Posts: 7,701	There is an ongoing discussion of this topic here: Pentaxforums: Gloomy outlook for Kodak Chris

10-02-2011, 12:03 AM	#4
pingflood Veteran Member Join Date: Jun 2008 Location: Borås, Sweden Photos: Gallery Posts: 3,169	Originally posted by SpecialK I have no current use for Kodak products, but it would be a shame for this once-important-to-our-hobby company to go belly up, even if they came late to the digital party. Releasing DSLRs in the early 90s was "late to the party"? Not sure why they dropped the pro gear to try to sell Easyshare crap though. They did have a few nifty compacts that had two lenses, one zoom and one wide angle prime, but other than that their lineup seemed fairky generic.

10-02-2011, 05:22 AM	#5
jogiba Banned Join Date: Sep 2006 Location: Millstone,NJ Posts: 6,491 Original Poster	Originally posted by SpecialK I have no current use for Kodak products, but it would be a shame for this once-important-to-our-hobby company to go belly up, even if they came late to the digital party. http://www.nikonweb.com/files/DCS_Story.pdf http://www.todayandtomorrow.net/2010/08/24/kodaks-first-digital-camera/

10-02-2011, 08:30 AM	#6
RioRico Veteran Member Join Date: Jun 2008 Location: Limbo, California Posts: 11,263	Originally posted by pingflood Releasing DSLRs in the early 90s was "late to the party"? Not sure why they dropped the pro gear to try to sell Easyshare crap though. They did have a few nifty compacts that had two lenses, one zoom and one wide angle prime, but other than that their lineup seemed fairky generic. Actually, Kodak invented digital photography. Without Kodak, no party! But I suspect Kodak's R&D effort's paralleled those of Polaroid and Xerox -- lots of research, many nifty ideas and gadgets, and too little development of products. Xerox PARC invented laser printing, Ethernet, the modern personal computer, graphical user interface (GUI), object-oriented programming, ubiquitous computing, and more, and didn't exploit most of those as products. From accounts I've read, Xerox management decided not to develop products away from the firm's core competencies and market in copiers. I'll guess Kodak management saw digital as a sideline unrelated to their core interest: film and its chemistry. Or as I like to put it, Kodak was too busy milking old cash-cows. I'll also guess that Kodak was/is managed by bean-counters, not visionaries. RIP.

10-02-2011, 09:29 AM	#7
Raffwal Veteran Member Join Date: Oct 2010 Location: The North Posts: 879	Kodak was a major player in the film-era medical imaging business. A decade ago they finally realized film was out and digital in and announced a serious commitment to digital. Well, not that much came out if it and today they're pretty marginal even there.

10-02-2011, 04:00 PM	#8
thethirdcoast Forum Member Join Date: May 2008 Location: Wharton, NJ Photos: Albums Posts: 72	I live in Rochester and it's always funny to imagine how different things could've been if people with enough authority AND vision had been in charge at Kodak and Xerox. Maybe it happened on another version Earth. Oh well.

10-09-2011, 08:24 AM	#9
LightMeter Senior Member Join Date: Sep 2011 Location: Houston, Republic of Texas Posts: 158	I hope Kodak can survive. They have some nice films, especially E100VS.