Fri, 24 Aug 2012 | BUSINESS SALE
Eastman Kodak Co has announced plans to sell off sections of its business as it struggles to raise sufficient funds to avoid bankruptcy.
The photography firm is planning to sell most of its consumer and document imaging business and shift its focus towards commercial printing.
Chief executive Antonio Perez said in a conference call with Reuters and others that the company is already in the midst of auctioning off its digital patent portfolio and hopes to complete sales of this and its consumer sections by the middle of next year.
Mr Perez said: “For ensuring sufficient funding for successful emergence [from bankruptcy], the sale of these businesses is important in that regard.”
He explained that the company needs to raise nearly $700 million (£441 million) to pay back its creditors and safely exit bankruptcy. The patent sale was initially expected to easily cover this, but the auction has been underway for more than two weeks and no deal has yet been reached, prompting the company to explore other options.
Kodak was declared bankrupt in January of this year as it struggle to adapt to the change towards digital imaging and away from printed photographs from film.
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