Ciribiribi, the alien of the historic spot, seems to be taking Kodak back to its home planet. The legendary filmmaker, dominus of the photographic industry before the digital revolution, has managed to get a bankruptcy exit plan approved that involves transforming the company that will not sell anything to the ordinary consumer.
The company therefore says goodbye to cameras and film, to specialize in printing technologies for businesses. The new plan, which cuts debt by about $4,1 billion, just got the green light from Manhattan bankruptcy judge Allan Gropper.
Eastman-Kodak, based in Rochester, New York, in January 2012 filed for Chapter 11 - the US bankruptcy law that allows restructuring following a serious financial instability. Since 2003, the company has fired 47 employees, closed 130 photo labs and dismantled 13 film, paper and chemical manufacturing plants.
The former photo giant entered Chapter 11 with approximately 17 employees and will exit with approximately 8500. The products that have always been associated with the Kodak brand have been sold during the bankruptcy or spun off to pay off debts. Only the printing sector will continue to live, building presses and high technologies.
“Kodak will even leave the collective imagination, but it will once again be a leader in a specific field”, assures its lawyer, Andrew Dietderich. In short, the company will have to reinvent itself. And, to do so, it will necessarily have to be inspired by the versatility of its founder, George Eastman, who began his career building cameras and finished it by building dental clinics.
