Eye View Business Eastman Kodak To Declare Bankruptcy, Why Wait?

Eastman  Kodak Co. is preparing to seek bankruptcy protection in the coming weeks,  people familiar with the matter said, a move that would cap a stunning comedown  for a company that once ranked among America’s corporate titans.

The 131-year-old company is still making last-ditch efforts to sell off some  of its patent portfolio and could avoid Chapter 11 if it succeeds, one of the  people said. But the company has started making preparations for a filing in  case those efforts fail, including talking to banks about some $1 billion in  financing to keep it afloat during bankruptcy proceedings.

Former employees say the company was the Apple Inc. or Google  Inc. of its time. Robert Shanebrook, 64 years old, who started at the company in 1967 and was most  recently world-wide product manager for professional photographic film, recalls  young talent traipsing through Kodak’s sprawling corporate campus.”We had this self-imposed opinion of ourselves that we could do anything, that  we were undefeatable,”

Kodak’s founder, Mr. Eastman, took his life at the age of 77 in what is now a  museum celebrating the founder and Kodak’s impact on photography. His suicide  note read: “To my friends, my work is done. Why wait?”

Kodak’s work is done why wait..




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