A concrete analysis of Kodak's bankruptcy case

Everyone knows Kodak, but Kodak has now declared bankruptcy. I will share the bankruptcy case of Kodak with you. Welcome to read!

Business case: Kodak is about to go bankrupt. Eastman Kodak will file for bankruptcy protection in a few weeks. If this photographic film giant really goes bankrupt, it will follow in the footsteps of famous American companies such as Polaroid and be eliminated by the times.

A last-ditch effort to sell the patent.

The report quoted people familiar with the matter as saying that this 13 1 year-old enterprise is still making a final effort to save itself, hoping to raise funds by selling some patents. However, Kodak has begun to prepare for bankruptcy protection, including discussing with banks to raise about $6,543.80 billion to ensure that the company will continue to operate during bankruptcy protection. Kodak spokesman said:? We don't comment on market rumors and speculations. ?

According to reports, Kodak may file for bankruptcy protection as early as this month or early February; During the period of bankruptcy protection, the enterprise will continue to repay its debts and operate normally. At that time, Kodak will sell about 1 100 patents under the supervision of the court.

If Kodak does file for bankruptcy protection, it will join the ranks of famous American companies that have been eliminated because of their failure to adapt to the changing business model. Kodak invented the digital camera in 1975, but failed to turn this new technology into a profit growth point.

In order to fill the shrinking film business, Kodak operated chemicals, bathroom cleaners and drug testing equipment in the 1980s and 1990s, and later served as CEO Antonio? Under the leadership of Perez, he joined the printer industry.

The status used to be equivalent to the current apple.

This famous enterprise, which almost monopolized the film industry in the past, fell into a situation of success or death, which made former employees feel incredible. Once upon a time, every time Kodak founder George? Hysmans founded it? Wage bonus day? Kodak will pay bonuses to all employees according to the company's performance. Employees can buy cars or go to high-end restaurants to celebrate after receiving bonuses.

Robert, 64? Shane Brooke entered Kodak at 1967. Former Kodak employees of his generation said that Kodak's status at that time was equivalent to Apple and Google.

Shane Brooke recalled that Kodak was full of talents at that time. At lunch time, some young people crowded into the auditorium to watch movies, while other employees played on the company's basketball court. We instill in ourselves that we are omnipotent and invincible? .

Kodak began to decline in the 1980s as overseas competitors began to grab market share in the film industry. Later Kodak had to face the rise of digital cameras and smart phones. In 2003, Kodak announced that it would stop investing in film business.

Kodak's share price fell 28% to close at 47 cents on the 4th after the news that it was about to file for bankruptcy protection.

Discuss the loan with the bank.

Since Perez became CEO of Kodak in 2005, Kodak has not lost money for only one year. Perez was in charge of printer business in Hewlett-Packard Company. He carried out the business strategy of making money by patent litigation and transfer in Kodak, which was finally unsustainable at 20 1 1.

In order to fill the funding gap, Kodak decided to sell some digital patents last August. Some bidders are afraid that Kodak may file for bankruptcy protection and are reluctant to make a move. Kodak approached hedge funds for financing? Bridge loan? To support the operation, until the patent was sold, it failed to do so. Now, Keda is discussing loans with large banks such as JPMorgan Chase, Citigroup and Wells Fargo. Kodak also negotiated bankruptcy financing plans with creditors and burroughs Capital Management. Creditors consider whether Kodak's printer business is worth supporting, or whether Kodak's value lies in patents.

Digital technology has ended film Kodak.

Eastman Kodak Company, referred to as Kodak Company for short, is the world's largest manufacturer and supplier of imaging products and related services. Headquartered in Rochester, new york, USA, it is a listed company listed on the new york Stock Exchange. Its business covers more than 150 countries and regions, with about 80,000 employees worldwide.

Kodak used to be the world leader in the field of image shooting, sharing, output and display. 100 has helped countless people to keep good memories, exchange important information and enjoy entertainment time for more than 0 years. In 2002, the company's global turnover reached $654.38+028 billion, of which more than half came from markets outside the United States.

Kodak, as the trump card brand in the photosensitive industry, has created a series of brilliant achievements, but the rapidly changing market and rapidly developing technology make every enterprise face challenges, and Kodak is no exception.

The first is the fierce price competition from the market. Self-labeling (or retailer brand) reduced the price of Kodak products by 40%. In the markets of Eastern Europe and developing countries, cheap film also poses a great threat to Kodak, because low-income people pay more attention to price than brand and quality. Kodak implemented a series of price counter-attack strategies, which once played a role to a certain extent, but still could not completely eliminate the bad influence brought by the price war.

Another challenge facing Kodak comes from the impact of digital imaging technology on traditional imaging technology. High cost, heavy equipment and serious pollution are difficult problems in the production and printing of negatives and photographic papers, but the inconvenience brought by using negatives and photographic papers is that they are bulky, unable to be preserved permanently and difficult to find.

With the appearance of digital imaging technology, photographic technology gradually bid farewell to negative and photographic paper. A palm-sized CD can store thousands of photos; Then, you can print the photos directly through the computer printer? In short, digital images have become the mainstream of the market, and negatives and photographic papers are basically ignored except for some professionals. This technological revolution declared the film industry on the verge of death.

As the leader of photosensitive technology, Kodak does not have innate advantages in the field of digital photography. The popularity of digital imaging technology means that Kodak has lost the rich profits brought by film and photographic paper. Now, Kodak seems to want to use film to quit people's lives.

? Stupid camera? be born

1877, the camera was invented, but the photographic equipment at that time was extremely complicated, including a big black tent, a water tank and a container with thick glass plates? More complicated is the operation. Without specialized knowledge and technology, no one can control this behemoth.

Kodak founder George? When Hysmans first came into contact with the camera, he couldn't help thinking: Can the camera be made smaller? Hysmans's persistent pursuit finally brought an epoch-making revolution to the photosensitive industry. 1886, small and light? Everyone can use it? Our camera was born. Hysmans gave it a name with few letters, but it reads like a loud name:? Kodak? .

In China, people affectionately call it? Stupid camera? .

Warm family memories

Another key point of Kodak brand loyalty is to establish a clear and powerful brand image.

Kodak's early advertisements mostly show family scenes of children, dogs and friends, and most of them are easy to shoot around us. In 1930s, people often heard it on the radio? This is Kodak moment, don't let it slip away? 、? Kodak strung together every moment? In the moving scene, these advertising words deeply entered the minds of consumers, allowing consumers to naturally enjoy happy time. Kodak? The names are linked together.

King of the world movies

Kodak has long considered that with the increase in camera sales, the demand for film printing services will definitely be great. So now everyone is competing to produce? Immediately and automatically? In the camera era, Kodak has concentrated its production capacity on film production and printing.

Sure enough, Kodak's film sales soared, and at the same time almost monopolized the entire printing market. ? Mini? After the camera went on the market, Kodak lowered the price in the same way, making it? Everyone can afford it? As a result, Kodak's film, camera and related equipment sales soared. Although Echo tried hard to use the old method of centralized supply, Fuji and Sakura did not hesitate to lower their prices, but they could not compete with Kodak's film competitive sales.

The overlord of the photosensitive world

From 65438 to 0930, Kodak occupied 75% of the world photographic equipment market and its profits accounted for 90% of this market.

1964, automatic cameras went on the market immediately, and 7.5 million cameras were sold that year, setting a world record for camera sales.

1966, Kodak's overseas sales reached $265,438 +0.5 billion, ranking 34th in Fortune magazine, and its net profit was 10. At that time, the sales volume of Agfa, the second in the photosensitive industry, was only that of 1/6.

1990 and 1996, Kodak ranked fourth among the 10 brands ranked by brand consulting companies, and it is a well-deserved overlord in the photosensitive industry.

As a former photography giant, Kodak, a veteran film hero, is now facing the risk of delisting. Kodak announced on Tuesday that it had received a warning from the new york Stock Exchange because its average closing price had fallen below $65,438+0 for 30 consecutive days. If the stock price does not improve in the next six months, Kodak will face delisting and delisting.

At the close of this Tuesday, Kodak's share price has fallen to 63 cents. Because its average closing price has fallen below 1 USD for 30 consecutive days, NYSE issued a warning to it. Kodak said that because the company faces liquidity challenges, there is no guarantee that it will meet the listing standards of the NYSE in the next six months. According to the regulations, if Kodak wants to avoid being delisted, its closing price must reach 1 USD or higher on a certain day in the next six months, and its average share price should reach 1 USD or higher in the first 30 days of that day. Unless the company raises 500 million dollars by issuing new bonds or selling patents, it will be difficult for the company to survive 20 12.

According to foreign media reports, according to the provisions of Chapter 1 1 of the United States Bankruptcy Law, Kodak is going to file for bankruptcy protection in the next few weeks, provided that the company's plan to sell a number of patents ends in failure.

According to anonymous sources, this iconic photography company, which is struggling to survive, is negotiating with potential lenders. The debtor holds bankrupt assets for financing? The way to apply for bankruptcy protection with a total amount of about $6,543.8 billion will enable it to continue its business operations during bankruptcy. At present, the total number of Kodak employees is about 654.38+900,000. A source said that Kodak may file for bankruptcy protection as early as this month or early February.

So-called? The debtor holds bankrupt assets for financing? (Debtor-Possession Financing) means that once a company successfully applies for bankruptcy protection according to Chapter 1 1 of the United States Bankruptcy Law, it can stop paying interest to creditors until a reorganization plan approved by the court is put forward. Therefore, creditors cannot liquidate a company that has applied for bankruptcy protection to pay off debts, which is equivalent to the company being temporarily occupied and controlled by the debtor, so it is called? The debtor holds bankrupt assets? .