06 Jan '12, 6am

Kodak edges toward bankruptcy

Kodak edges toward bankruptcy

NEW YORK: Eastman Kodak, the company which brought photography to the masses a century ago, faces a gloomy future amid new reports that it is on the edge of bankruptcy. Never able to rebuild after the digital wave blew its core film business away from the mass market, the Wall Street Journal reported late Wednesday that Kodak has already begun preparing to ask for protection from creditors. On Tuesday the New York Stock Exchange told the company, once one of the fabled 30 Dow Jones blue chips, that it faces delisting from the exchange if it cannot get its stock price back above $1.00 level. In its heyday Kodak shares topped $80 in 1996 -- just at the outset of the digital photo revolution that eventually replaced the need for consumers to buy Kodak film, once a virtual monopoly in the US market. On Wednesday its share price plunged 28 percent to 47 cents a share; Thursday ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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