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Kodak Files for Bankruptcy
ROCHESTER, N.Y (Jan. 19, 2012) – The photo pioneer which invented the hand held cameras has today filed for Chapter 11 bankruptcy protection.
But according to the press release, the company says it will continue to operate, selling the same products and supporting customers.
In Chapter 11, Kodak’s debtor may remain in control of its business operations as a debtor in possession (subject to the oversight and jurisdiction of the court).
Kodak spokesman said, ” … we have also already effectively exited certain traditional operations, closing 13 manufacturing plants and 130 processing labs, and reducing our workforce by 47,000 since 2003.”
Despite the looming bankruptcy, Kodak had participated in the Las Vegas CES last month with 2 new cameras.
The question remains whether Kodak will release new waterproof cameras for 2012 to replace the inexpensive and popular Kodak EasyShare entry-level waterproof camera this February.
photo credit: Lisbokt
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