Photography Giant to Emerge from Bankruptcy Soon

Bankruptcy Kodak - Wallace Spalding Law OfficeRemember the days of running out of film in your camera and scrambling to the convenience store to buy some spare rolls?

So does Kodak.

As an experienced bankruptcy attorney in Louisville, Kentucky, I’m always watching the national news for any bankruptcy stories. Recently, an article from ABC News caught my eye.

According to the piece, a Manhattan bankruptcy judge recently approved a plan for Eastman Kodak to emerge from Chapter 11 bankruptcy. If all goes according to plan, the company should be on pace to reach that goal by Sept. 3.

Kodak first introduced the Brownie box camera in 1900, virtually introducing amateur photography to the world. After decades of seeing its market slowly shift to foreign manufacturers and digital photography, Kodak sought bankruptcy protection.

In an effort to settle $3 billion worth of pension obligations to former United Kingdom employees, Kodak is selling its consumer camera and film business to the workers’ pension fund. The company itself will transform itself into a seller of digital printing services to other businesses.

Kodak will also continue to make film for the motion picture industry.

In mid-August, a majority of Kodak’s creditors voted to approve the plan to emerge from Chapter 11 bankruptcy. The vote wasn’t unanimous, however, as many retirees, shareholders, and other parties objected to the plan.

As you can see, no company is 100 percent immune from the danger of debt. Once a thriving company, Kodak must reinvent itself to keep up with an evolving industry and climb out of bankruptcy.

I’d like to hear your input on Kodak’s bankruptcy situation. Do you still use film, or are you fully digital when it comes to photography?

If you are considering bankruptcy yourself, be sure to contact an experienced bankruptcy attorney for guidance.

About Wallace Spalding

Wallace Spalding has concentrated in Bankruptcy Law for over 25 years–helping people relieve the burden of debt and getting the results they deserve. He has been recognized as one of Louisville’s Top Lawyers in Louisville magazine in 2008, 2009, 2011, and 2012. Wallace Spalding's Google+ Profile

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