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Key events in the history of Eastman Kodak Co.
Question of the Day
April 30 _ Kodak lawyers tell a bankruptcy judge that turnover has become a serious problem. The company was granted approval to pay up to $13.5 million in bonuses to persuade key managers to stay on.
May 1 _ Audio technology company Dolby Laboratories Inc. gets naming rights to the Oscars venue after Kodak ends a deal early. Bankruptcy judge issues order approving sale of online photo business to Shutterfly.
May 3 _ Kodak says Pradeep Jotwani is resigning as the president of consumer business and chief marketing officer. No reason was given.
July 2 _ Kodak shuts down Kodak Gallery. North American accounts go to Shutterfly. Judge rules that Kodak can proceed with auctioning some 1,100 digital imaging patents, about 10 percent of the company’s portfolio.
Aug. 3 _ Kodak says its second-quarter loss widened as revenue fell. Its loss totaled $299 million, up from $179 million a year earlier, and includes costs related to restructuring and reorganization under bankruptcy protection. Revenue fell 27 percent to $1.08 billion, due to the company’s exit from the digital camera business, lower sales of traditional camera products and the stronger dollar.
Aug. 23 _ Kodak says it will sell its document imaging and personalized imaging businesses to better focus on printing and business services. The company says the sale of the units, along with cost-cutting measures and the auction of its patent portfolio, will help it emerge from bankruptcy sometime in 2013. Kodak’s document imaging division makes scanners and offers related software and services. The personalized imaging business includes photo paper and still camera film products. It also offers souvenir photo products at theme parks and other venues.
Sept. 10 _ Kodak says it is reshuffling executives and cutting thousands of jobs. Kodak says it cut about 2,700 employees worldwide since the beginning of the year and plans to cut about 1,000 more by the end of 2012. The company says annual savings from the cuts should reach about $330 million.
Sept. 14 _ Kodak postpones indefinitely an auction of its imaging patent portfolios, even as negotiations with potential buyers continue. Kodak also says an alternative option is to keep the patents and create a company to make money by licensing the technology.
Oct. 30 _ Kodak says its loss widened to $312 million in the third quarter. The latest loss includes charges taken to account for the elimination of 775 jobs during the quarter and compares with a loss of $222 million a year earlier. Revenue fell 19 percent to $1 billion.
Nov. 28 _ Kodak says it will get loans worth $830 million in a new financing package that replaces an earlier, $793 million deal. The offer comes from a committee of 10 institutional investors who all hold senior secured notes in Kodak. The financing is subject to court approval and requires the company to complete the sale of its digital imaging patent portfolio for at least $500 million.
Wednesday _ Kodak says it will receive about $525 million from the sale of its digital imaging patents. The company says the sale will help it repay a substantial amount of its initial debtor-in-possession loan. It satisfies a key condition of the financing announced Nov. 28.
Source: Kodak, Associated Press research
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