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  1. #11
    Prest_400's Avatar
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    It seems unbelievable.
    The 131 year old Yellow Giant, who pioneered film photography and became a culture icon is about to...

    I hope whatever the outcome is, it will be good for the employees and the film industry. We saw it coming, but it lived until now. Let's see what will go on.

  2. #12
    CGW
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    Quote Originally Posted by wblynch View Post
    Thank the American MBA. The root of our problems since 1975.

    For such an intelligent country how can we continually produce such disastrous business managers?
    Thank digital technology and the MBAs on its side.

    Where have you been over the last decade?

  3. #13
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    Quote Originally Posted by Ian Grant View Post
    Poor management for many years and no focus on how to take the company forward in the consumer market compounded by an extremely poor choice of CEO in Perez has brough t this on.

    Ian
    As someone quote *ME* about this very topic recently, there is nothing illegal about being stupid. And they're clearly stupid.

    MB
    Michael Batchelor
    Industrial Informatics, Inc.
    www.industrialinformatics.com

    The camera catches light. The photographer catches life.

  4. #14

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    this is a long time coming ...

    sad news just the same

  5. #15

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    No panic out here on the west coast - as we are always three lucid hours behind the latest wall street anxiety. But there will be a restructuring and likely a split-up of various EK corporate components, in order to appease the big shareholders. With the share price now so low, various stock-split possibilities must be made available to these same big investors who have "hung in" while the digital efforts of EK over the last decades have proven futile. In the meantime, the traditional film and photo chemical biz have already been profitably cut to the bone and out-sourced and will likely be a prized nugget in any bankruptcy restructuring. There are any number of US and foreign companies that would jump at the chance to acquire EK's photochemical businesses. I always have thought and I have always given my humble opines here on the forum that EK should have long ago stayed away from the emerging digital world and instead should have remained focussed on what they did so well as the world-leaders in photo-chemistry. But obviously their corporate board was given some very bad advice very long ago by their own investment bankers?

  6. #16
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    If they are exploring bankruptcy it's because their credit draw is against collateral not revenues. The foresee too little revenues to add repayment into the spreadsheet. Translation: their lenders have no faith in them. Not good.

  7. #17

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    Regrettably, if the company's financial condition is as bad as hinted in the articles it is unlikely that the company will avoid bankruptcy. It is also unlikely that an acquisition or re-organization will save them. It will be a better deal for a potential buyer of the company or its assets to pick over the bones after the bankruptcy and get what they want at fire sale prices than to pay full price prior to a bankruptcy.

  8. #18

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    I sure hate to see that happen Kodak. I really like their products, T-Max, Tri-X, D-76, etc.

    Jeff

  9. #19

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    Quote Originally Posted by Athiril View Post
    Well it sounds more like the rest of the company that's not film production is the sinking ship, ironically.

    edit:

    If the film-production division was hurting the company that bad while the rest of it was fine, it'd obviously be axed or sold off.

    If the film-production division was doing bad while the rest of it was fine, that wouldn't be news and their credit/finances would be fine.

    I think it's obvious which part of the company is a problem. Not a part we have to worry about.

    We have to worry about spill-over effects of decisions on the part we care about, and the rest of the company dragging down the film-division..
    But the film division is doing poorly. Kodak didn't really make any money in film for the past two quarters - demand continued to decline and raw material costs skyrocketed.

    Remember - a business can report a "profit from continuing operations" for a division into which it is has to constantly poor money into downsizing in the interest of keeping it profitable. Kodak has poured billions of dollars - more than its ever lost in digital, actually - into downsizing its film operations to try to keep it profitable. And even then the incentive was, largely, to get money from tax depreciation in plant, property, and equipment - not to make profits on film.

    And you are right to be worried. I don't see anybody buying Kodak's film division - at least not with the intent of keeping production in the USA. Their current USA-based production infrastructure is far too large for current (and still-declining) market demand and carries with it potentially massive toxic tort liability.
    Last edited by aldevo; 10-01-2011 at 10:02 AM. Click to view previous post history.
    Digital Photography is just "why-tech" not "high tech"..

  10. #20

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    Quote Originally Posted by Aristophanes View Post
    If they are exploring bankruptcy it's because their credit draw is against collateral not revenues. The foresee too little revenues to add repayment into the spreadsheet. Translation: their lenders have no faith in them. Not good.
    Exactly. All their businesses are either in secular or cyclical decline.

    I think they are hoping to try to get "debtor-in-possession" financing sooner rather than later given that the global banking industry is again running off the tracks.

    I'm convinced that any financing will have to be accompanied by a restructuring plan with asset sales or shutdowns.
    Digital Photography is just "why-tech" not "high tech"..

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