Everyone knows Kodak filed for Chapter 11 re-organization. Based on the number of emails and calls I received, I surmise some people think I live under a rock. Why was anyone surprised, as hints of the action have been in the media for months?
As a former Kodak employee, (Kodak Versamark) I am certainly saddened, but I think people need to step back and understand what happened.
Many companies that find themselves in similar situations file for bankruptcy. Chapter 11 bankruptcy is designed to allow individuals or, corporations to re-organize their debts in an attempt to repay them and get back on their feet. Simply to provide some breathing room.
The banter about how Kodak got into the position they are in, is irrelevant. What is relevant is how they move forward, and I have confidence they will be successful.
Let’s not forget this 132 year old company has a lot going for it. In addition to their consumer products division, they have a robust commercial division, patents, intellectual property, licensing revenue, etc., so they have a great deal to work with.
According to an article I read, “The Company has made investments in digital and materials deposition technologies in recent years, generating approximately 75% of its revenue from digital businesses in 2011” That is a major shift.
Is Kodak down? Yes. Is it out? Absolutely not. Don’t count this American icon out.
By the way, I recently purchased a Kodak printer for my office, and it does use less ink – per page 🙂
Skip Henk is president and CEO of Xplor International, a worldwide, not-for-profit professional association that consists of thousands of users and suppliers of the products and services that create, modify and deliver customized information using a wide variety of document technologies. Further information is available at www.xplor.org