Digital Camera Financing
Digital Camera Financing
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Kodak files for Chapter 11 bankruptcy protection (cnet)
The struggling photography company, which expects to emerge from bankruptcy
protection next year, secures $950 million in debtor-in-possession financing
from Citigroup. Struggling photography company Eastman Kodak announced this
evening that it has filed for Chapter 11 bankruptcy protection.The company,
which hopes to emerge from bankruptcy in 2013, said it has secured $950
million in debtor-in-possession financing from Citigroup that will allow it to
keep operating during restructuring. The company has also appointed Dominic
DiNapoli, a vice chairman at FTI Consulting, as its chief restructuring
officer. The firm has been advising Kodak on its finances since last
year.DiNapoli will have broad powers over the company's finances and
operations as it looks for ways to raise funding to keep the company afloat
during bankruptcy."Kodak is taking a significant step toward enabling our
enterprise to complete its transformation," Antonio M. Perez, who will
continue to serve as Kodak's CEO, said in a statement. "At the same time as we
have created our digital business, 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. Now we must
complete the transformation by further addressing our cost ...
Canon EOS 7D DSLR Digital Camera Features
