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Kodak Bankruptcy: One Year Later

Kodak filed for chapter 11 bankruptcy a year ago this week.

The intervening months have seen big layoffs, pay freezes for workers, and an end to benefits for many of the company’s retirees.
However, Kodak also secured an extra 830-million in funding, and sold its patent portfolio.

Kodak’s goal is to exit bankruptcy in the first half of this year, and analyst T.C Lewis says he thinks that will happen, but they won’t emerge as the giant they once were.

Lewis says Kodak will certainly be a small shell compared to what it once was.
He adds they'll be a medium sized player with not nearly the significance to the community they once had.  But he says at least the negative aspects of that change have already been experienced by the economy.

Lewis says the company still has to clear a few hurdles, like eliminating their liabilities, before they regain their footing as a viable business.
 

Over the past 12 months, bankruptcy has cost Kodak about $125 million.
 

Although it seems the worst might be over, Lewis says he still anticipates layoffs of executives, reflecting the downsizing of the once mighty business.