Kodak files for Chapter 11

Eastman Kodak Co., a symbol that goes back towards the 1880s and also the greatest supplier of raw film stock to Hollywood right from the start of movies, declared Chapter 11 overnight in U.S. personal bankruptcy court for that Southern District of NY after battling for a long time with fierce competition and shifting technology. The Rochester, N.Y.-based company stated Citigroup released an argument soon after night time Thursday. It stated it'll give a $950 million debtor-in-possession loan to let it operate throughout personal bankruptcy. A personal bankruptcy judge must approve the borrowed funds. The new sony and Warner Bros. are named within the filing among Kodak's unsecured creditors, with correspondingly, $16.7 million and $14.two million in unsecured notes. For a long time, Hollywood was based on Kodak items. The Three,332 Kodak Theatre, home from the Oscars, opened up in 2001. The move continues to be expected for many several weeks, otherwise years. Kodak stated it'll reorganize its companies, bolster liquidity within the U.S. and abroad, sell non-proper intellectual property, resolve legacy liabilities, and let concentrate on its best business lines. The organization makes pioneering opportunities in digital, it stated, producing roughly 75% of their revenue from digital companies this year. "Kodak takes a substantial step toward enabling our enterprise to accomplish its transformation," Boss Antonio Perez stated. Kodak was founded by George Eastman who introduced the Kodak camera in 1888. The organization continued to invent film, enabling Thomas Edison to build up the film camera, Brownie cameras selling for $1 and Kodachrome film. Contact the range newsroom at news@variety.com