WXXI AM News

Kodak

Need To Know Rochester: The Business Section

Dec 4, 2012

Democrat & Chronicle Business Reporter Matt Daneman talks about the Kodak and Hickey Freeman bankruptcies. 

Kodak: "Exiting Bankruptcy Within Months"

Nov 29, 2012
Google Images

Struggling photo pioneer Eastman Kodak could be out of bankruptcy as early as the first half of 2013.

CEO Antonio Perez calls the new financing plan a "vote of confidence in the future of our company."

Need to Know Rochester: Business Section 9/28/12

Oct 2, 2012

Democrat and Chronicle business reporter Matt Daneman joined WXXI’s Scott Fybush for a discussion of the latest unemployment numbers, the Rochester business outlook for 2013, and the latest news from Kodak, which is stretching out its bankruptcy process and shedding its consumer printer business.

Auction for Kodak Patents Underway

Aug 8, 2012

Kodak is selling 1,100 digital imaging patents, hoping to use the proceeds to pay off some of its creditors. The Wall Street Journal reports technology giants Google and Apple are both bidding, but the initial offers are much lower than the estimated 2.6 billion dollars Kodak says the patents are worth. Rochester Democrat and Chronicle Business reporter Matt Daneman says that could change.

Governor Andrew Cuomo signed a bill into law designed to protect Kodak retirees’ from a dramatic increase in health care costs.  

The law serves as a kind of safety net for former Kodak employees’ worried about losing their health insurance plans during the bankruptcy. Its gives will allow insurance companies to compete to provide health care coverage for Kodak retirees should their current plans be dropped.

Kodak says a bankruptcy court has approved an auction of its imaging patent portfolios over the objections of Apple and FlashPoint Technologies, giving the photography pioneer clarity on ownership claims.

The company announced a year ago it was looking to turn 1,100 digital imaging patents into ready money.  The patents then represented about 10 percent of Kodak's total portfolio.

Analyst George Conboy with Brighton Securities says the sale of its patents is essential for the company to meet obligations and eventually emerge from Chapter 11 bankruptcy.

79 More Layoffs at Kodak's Eastman Business Park

Jun 8, 2012

According to a new filing with the state labor department, 79 more Kodak employees will be let go by mid-August.

The latest round of layoffs targets the company's photographic equipment and supplies division at the former Kodak Park. 

Since filing for bankruptcy in January, the company has laid off more than 600 Rochester-area workers.

Kodak Cuts Another 141 Jobs

May 3, 2012

In a filing with the state labor department Wednesday, Kodak says another 141 local workers will lose their jobs.

The majority will be let go by mid-July.

The latest round of local cuts brings the number of layoffs since the imaging company filed for bankruptcy in January to 527.

That's according to the six separate filings Kodak has submitted to the state.

Kodak ended 2011 with just over 5,000 employees in the Rochester area. At its peak in 1982, that number was over 60,000.

It was another down quarter for Eastman Kodak. The company, which filed for bankruptcy protection in January, lost $366 million in the first three months of the year. Revenues also fell 27% to $965 million.

Democrat and Chronicle business reporter Matt Daneman says much of the drop in revenues can be attributable to losses in Kodak's Consumer Segment, as it gets out of the digital camera business.

Eastman Kodak went before a Manhattan bankruptcy judge this morning, asking to cut the health benefits of some 16,000 Medicare-eligible retirees.

That motion was not acted on.

Judge Allan Gropper essentially put the motion on hold, according to Democrat and Chronicle business reporter Matt Danemam.

"The notion of cutting these retiree benefits moves into second place," Daneman said.

Pages