Kodak and Its U.S. Subsidiaries Commence Voluntary Chapter 11 Business Reorganization
Flow of Goods and Services to Customers to Continue Globally in Ordinary Course; Non-U.S. Subsidiaries Are Not Included in U.S. Filing and Are Not Subject to Court Supervision; Company Secures $950 million in Debtor-in-Possession Financing in U.S.
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"Kodak is taking a significant step toward enabling our enterprise to complete its transformation," said Antonio M. Perez, chairman and chief executive officer. "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 structure and effectively monetizing non-core IP assets. We look forward to working with our stakeholders to emerge a lean, world-class, digital imaging and materials science company."
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- Companies:
- Eastman Kodak Co.
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