Kodak emerges from Chapter 11 bankruptcy protection
Posted at: 09/03/2013 1:46 PM | Updated at: 09/03/2013 8:39 PM
A new company with a new focus. Eastman Kodak officially emerged from bankruptcy protection. In a conference call Tuesday afternoon, CEO Antonio Perez talked about the past and the future.
Perez said, “ I live in this community, so I talk constantly to many people.”
Antonio Perez says today's milestone means any future talk about Kodak can be just about business.
Perez said, “The fact that this is over it means that 100% of my time, and you can multiply this for every single Kodak employee that is in front of a supplier, a customer, a partner, the conversation is going to be about business instead of using 50 percent of our time defending ourselves for being in a process that exactly as (inaudible) a necessary process.”
Kodak entered in to Chapter 11 restructring in January of 2012. 20 months later, it's emerging as a smaller company with a plan to focus on commercial printing and packaging. Quite a different outlook for the company known for cameras and film. But News10NBC's financial expert says this path is not that much different.
George Conboy, Brighton Securities, said, “When you think about film, you think about a thin piece of plastic with an image on it. And that's what your juice bottle is wrapped with or sometimes what you see a city bus wrapped in. Kodak has great technology for printing and packaging. Should be a good competitor. But the market for their new products is very competitive and they will not have the same easy time they had when it came to selling film.”
With Kodak's emergence from bankruptcy, there will be some changes. Anyone holding shares of the "old" Kodak stock lose their money. New stock will be issued soon. There will be about 2,600 local employees working for the "new" Kodak.