Fri September 28, 2012
Kodak Needs More Time to Restructure
Eastman Kodak says it needs more time to reorganize, and is cutting more jobs.
The company says it plans to submit a motion in Bankruptcy Court today highlighting its restructuring accomplishments so far, and will ask the court to extend until February 28th, 2013 its exclusive right to file a plan of reorganization.
Kodak says the extension will help the company successfully emerge from bankruptcy in the first half of next year.
A hearing to consider that motion and other matters is scheduled for October 17th.
Kodak also announced it will shift its focus to the sale of ink and the inkjet printers it has already manufactured, and end sales of the printers next year.
Earlier it said would stop making digital cameras, pocket video cameras and digital picture frames.
Kodak has already cut 27-hundred jobs this year, and now says it will cut 1200 more by the end of the year.
Earlier this month, the company said it would cut one thousand more jobs by the end of 2012.
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