On January 19, 2012, Eastman Kodak Company and its U.S. subsidiaries filed voluntary petitions for Chapter 11 business reorganization in the U.S. Bankruptcy Court for the Southern District of New York. The business reorganization will enable Kodak to bolster liquidity in the U.S. and abroad, monetize non-strategic intellectual property, fairly resolve legacy liabilities, and enable the Company to focus on its most valuable business lines.
Non-U.S. subsidiaries are not part of the filings, are not subject to the Court proceedings, and are operating as usual.
Kodak and its U.S. subsidiaries intend to continue normal business operations during the reorganization, and throughout the process:
- Continue customer programs;
- Provide employees with their usual wages and benefits; and
- Honor all post-petition obligations to suppliers in the ordinary course.
A U.S. Chapter 11 proceeding is a legal mechanism that generally focuses on the preservation and reorganization of ongoing operating companies. The process will allow Kodak to continue normal business operations while we accomplish our objectives and emerge a profitable and sustainable enterprise.
Kodak aims to build company that will be successful in the marketplace – and a positive force in the communities we call home.
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