Eastman Kodak Files for Chapter 11 of U.S. Bankruptcy Code - howletthanceseles1941

Struggling Eastman Kodak aforesaid Thursday that IT and its U.S. subsidiaries give birth filed for Chapter 11 of the U.S. Failure Code to shake up its business concern.

Kodak which has recently charged Samsung Electronics, HTC, and Apple for alleged patent infringement, faced challenges in making the transition to digital technology.

In November, the company lowered its revenue outlook for 2022 to rising to United States of America$6.4 billion, and said it expected losses in 2022 in the range of $400 million to $600 million from continuing operations. Information technology reorganized its lin structure earlier this month.

The company said in a statement that it and its U.S. subsidiaries filed voluntary petitions for Chapter 11 business reorganization in the U.S. Failure Court for the Confederate District of Young York.

In a bid to raise cash, the society has since July been "exploring of import alternatives" including sale for its digital imaging patent portfolios to take advantage of increased need for intellectual property. It said it had over 1,100 U.S. patents that are fundamental to the extremity imaging manufacture.

Kodak evidently wants to take advantage of the craze to buy patents in the tech industry, which LED for example to a consortium that included Apple, EMC, Ericsson, Microsoft, Inquiry In Motion, and Sony to pay back $4.5 zillion for patents and patent applications of Nortel Networks sunset class. Google also announced in August that it would acquire Motorola Mobility for $12.5 1E+12 with an eye to its patents.

The storied photography company said on Thursday that Chapter 11 gives it the best opportunities to maximize the rate in two critical parts of its technology portfolio — its integer capture patents, and its printing and deposition technologies.

Its digital bewitch patents, which are organic for a wide range of mobile and other consumer electronic devices that charm digital images, hold generated over $3 1000000000 of licensing revenues since 2003, the Rochester, New York company said.

Kodak claims to have licensed its digital imagery patents to more than 30 companies, including LG, Motorola, and Nokia.

Kodak on Wednesday filed a causa against Samsung alleging infringements of its patents related to digital imagery technology. It filed similar lawsuits last week against Fujifilm, Apple, and HTC, and also complained to the U.S. Outside Trade Military commission alleging infringements by Apple and HTC of its digital tomography technology

Kodak expects to accomplished its U.S.-supported restructuring during 2022. It has closed 13 manufacturing plants and 130 processing labs, and reduced its workforce past 47,000 since 2003, as it exited from its traditional operations to creating a digital business.

"The business reorganization is attached to bolster liquidity in the U.S. and abroad, monetize non-plan of action rational property, evenhandedly resolve legacy liabilities, and enable the company to concenter happening its most valuable business lines," it said in a statement.

Kodak believes that it has enough liquidity to operate its concern during Chapter 11, and to continue the flow of goods and services to its customers in the mediocre course.

John Ribeiro covers outsourcing and general applied science breaking intelligence from India for The IDG News Service. Follow John on Twitter at @Johnribeiro. John's e-mail address is john_ribeiro@idg.com

Source: https://www.pcworld.com/article/473722/eastman_kodak_files_for_chapter_11_of_us_bankruptcy_code.html

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