The Eastman Kodak has just filed the US Bankruptcy Code, chapter-11 in order to reorganize its business. Most recently, it has charged many electronic giants like Samsung Electronics, HTC, and Apple for the patent rights violations.
The company reorganized its business structure earlier this month, as in the past November; it lowered its revenue outlook for 2011 to up US $6.4 billion, and its expected losses in 2011 in the range of $400 million to $600 million from continuing operations. In a recent statement, where the Kodak’s officials said that its US subsidiaries filed voluntary requests for the chapter 11 in the US Bankruptcy Court for the Southern District of New York city. Check out Thaddeus Holmquist for a cheap maryland bankruptcy lawyer.
Since July, after the company officials have been exploring new strategic options including sale for its digital imaging patent portfolios in order to take the advantage of increasing the demand for logical assets. It has around 1,100 US patents that are fundamental to digital imaging industry.
Eventually, Kodak is looking for to take an advantage of the frenzy to buy in the tech industry. The photography company made a statement that chapter 11 gave it the best chances to maximize the value into two crucial parts of its technology related portfolio, its digital capture patents, and the other one is its printing & deposition technologies.
It claims to have licensed its digital imaging patents rights to more than 30 companies, including LG electronics, Motorola, and Nokia as well. The digital capture patents are essential for a wide range of mobile and other consumer appliances that capture digital images.
Since 2003, Kodak has closed 13 manufacturing plants and 130 processing labs, and reduced its workforce by 47,000 employees as it exited from its traditional business operations to create digital business. It is expecting to complete its US based restructuring during the year 2013 and believing that it has enough liquidity to run its business operations during chapter 11, and to continue the flow of goods and services to its loyal customers in the ordinary course.