Of course, I am not an insider on the sector-by-sector projections and debt load, corp bond issues etc. so what would I know. But it seems to me that in this situation you'd better simply fracture everything into separate divisions and let them hang out their own shingles and rise or fall based on their individual viability. The current approach at Kodak seems to be all or nothing. Unless there is something really promising in the form of a big IP sale or strategic partnership with a mroe profitable company... or some Federal support in the pipe... the current / "new" strategy doesn't look like a winner to me.
Concerning Mr. Perez, I think the last thing you do when things are steadily getting worse is fire the guy at the helm. They should wait until they have Chp 11 protection and then ditch him. It'd be hard to get somebody good in there when there are so many uncertainties. Let him stay and take the crap and then move on when things are as bad as they can possibly get. It's a gift to the next CEO.