Kodak is un-bankrupt.
BBC, ABC US, Forbes
Well, at least Kodak the name has approval to come out of Chapter 11 protection, and Kodak the name is just going to retire as a printing company.
Kodak the film and chemicals company (for those who didn't know) is now owned by its UK pension fund, I don't know if anyone knows how long htat's going to last until the kill off the last of Portra and TMax (I hope not, I love TMax).
An awful lot of electrons were terribly inconvenienced in the making of this post.
f/64 and be there.
We all knew this day was coming.
Sad, though, as most of the US based retirees appear to have been thrown under the bus.
From HuffPost: http://www.huffingtonpost.com/2013/0...n_3786675.html
On Tuesday, Judge Allan Gropper approved the company's plan to emerge from court oversight, paving the way for it to recreate itself as a new – and much smaller – company focused on commercial and packaging printing.
In making his ruling, Gropper noted that his approval of the plan will result in the loss of retirement and health care benefits for many former workers, while many of the company's investors will recoup just pennies on the dollar.
Within the photographic field only the consumer business went to KPP.
Originally Posted by Dr Croubie
The industrial photographic business, or rather what is left of it after several split-offs/or seeming cancelling, stayed with Kodak.
The future of that is still unclear.
Portra, TMax, and Ektar, are very popular products. Every time I buy it even in 8x10 it seems to represent a new emulsion batch, which tells
me it's being frequently run. RA4 paper is also doing well. So these film and paper products should be able to earn their keep for a long time,
especially since they no longer have to subsidize unrelated ventures within an oversize megacorp geared to market speculation rather than
basic sustained profit. If an asteroid hits us, or an ebola epidemic, ... who knows....but a game plan is in place, the product is being made,
and no need to panic. The dust is settling.
I hope PE didn't get bit too hard. Good luck Kodak(s).
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My feelings exactly. Presumably Kodak sells a lot more film than Ilford, probably rather a lot more, and Ilford can make it work. Efke, Impossible Project, Foma, maybe Ferrania too. If Kodak can cut away the BS and run as a private entity without caring what The Street thinks, then this may be the best thing to have happened to film for a long time.
Originally Posted by DREW WILEY
Originally Posted by thegman
There will be shares in the new company no? If yes, then the Street will very much demand profits from the new Kodak.
The system of private capital markets that we have today is probably the greatest impediment to the creation of sustainably profitable companies that could possibly exist. Had one started out with a goal of designing the worst possible model, one could have done no worse than sketching Wall Street across one's lunch napkin.
Last edited by Ken Nadvornick; 08-20-2013 at 10:38 PM. Click to view previous post history.
Reason: Incorrect terminology...
"When making a portrait, my approach is quite the same as when I am portraying a rock. I do not wish to impose my personality upon the sitter, but, keeping myself open to receive reactions from his own special ego, record this with nothing added: except of course when I am working professionally, when money enters in,—then for a price, I become a liar..."
— Edward Weston, Daybooks, Vol. II, February 2, 1932
Why did the UK pensioners have a claim against Kodak but none from elsewhere? It seems strange that only those in the UK got relief from Kodak in bankruptcy while the others were left out to dry.
Of course; Perez and his cronies wouldn't leave without raiding the corporate bank account. The stockholders get nothing, yet Perez exits an even wealthier individual. Must be his reward for his exemplary skills as a CEO.
The U.S. Trustee also filed an objection challenging the legality of hefty cash and stock bonuses that Kodak executives are expected to receive when the Rochester, N.Y., company exits from bankruptcy protection.