History in the making…
On Friday, Kodak reported their figures for November. It turned out to be the smallest net loss in recent years. The loss was $60.8 million and they had sales of $162.9 million for November.
Kodak filed for Chapter 11 Bankruptcy protection in January. Since then they have phased out digital cameras, backed out of the naming rights to the Hollywood Theater and sold off their their online photo business to Shutterfly. Kodak has been able to stop medical insurance for retirees which saved them over $1 billion. Then in November Kodak got an offer of $830 million in new financing. That financing was contingent upon Kodak selling their digital patents. They sold those patents late this month to a group $525 million. Kodak also sold off the power system for Eastman Business Park which had needed major upgrades to meet government environmental standards.
Kodak still wants to sell their consumer film business (35mm film). Kodak also thinks that they will reemerge from bankruptcy in the first half of 2013.