The company had US$5.1 billion in assets and US$6.75 billion in liabilities at the end of September.
Apparently Kodak plans to sell off “significant assets” – among them many of the 1,100 or so patents it has.
Citigroup has loaned Kodak $950 million so the Rochester-based company can keep operating.
The company, almost universally known as a “film” company when it actually was quite diversified, nevertheless suffered from the arrival of digital imaging.
Interestingly, it was Kodak that invented the digital camera, but the company never took advantage of that.
I have many memories of Kodak products – from its ill-fated instant camera, to its 8 mm camcorders, to its APS film system, and I don’t know how many rolls of Kodak film over the years.
And I have many memories of Kodak employees, especially Bud Morrison, Kodak Canada’s public relations chief for many years.
No word on what’s going to happen to pensions . . .