Former trailblazer Kodak files for Chapter 11

Years of investor alarm over whether Kodak might seek protection from its creditors crescendoed in September when it hired major restructuring law firm Jones Day as an adviser. Its stock, which topped $94 in 1997, skidded below $1 a share for the first time and, by Jan. 6, hit an all-time closing low of 37 cents. Multiple board members recently resigned, and last week the company announced that it realigned and simplified its business structure in an effort to cut costs, create shareholder value and accelerate its long-drawn-out digital transformation.

Leave a Reply

Your email address will not be published. Required fields are marked *