The wind-up:

Eastman Kodak Co. is preparing to seek bankruptcy protection in the coming weeks, people familiar with the matter said, a move that would cap a stunning comedown for a company that once ranked among America’s corporate titans.

The 131-year-old company is still making last-ditch efforts to sell off some of its patent portfolio and could avoid Chapter 11 if it succeeds, one of the people said. But the company has started making preparations for a filing in case those efforts fail, including talking to banks about some $1 billion in financing to keep it afloat during bankruptcy proceedings, the people said.

And the pitch:

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(h/t Drudge)

Comments

5 Responses to “Kodak Prepares for Bankruptcy Filing, Possibly Allowing CEO to Devote More Time to Being an Obama Economic Adviser”

  1. Truesoldier on January 5th, 2012 5:09 pm

    Maybe he retiring so he can get a job in the DoE loan department?

  2. Dexter_Alarius on January 5th, 2012 6:39 pm

    Momma don't take my Kodachrome awaaaaaaaaaaay!

  3. Marshall_Will on January 5th, 2012 6:54 pm

    Pffftt.., it'd be a great 'fit'!

    I actually feel for these old line co's. It's tough. I went thru this ( as a broker ) with everything from Heinz to Sara Lee to John Deere you name it. Here's the bet: Old Line Co. is on the ropes w/ ever dwindling mkt. share and obsolete products!

    CAN they effect a turnaround, ditch their asleep-at-the-wheel CEO and stage a massive revival! Some do ( most don't ) Remember, at one time Coke was on the canvas too. Look at how Campbell's Soup has turned around. Although probably more to do w/ a dour economy?

    Not long ago both Hollywood AND Blockbuster Video went under. Unable or unwilling to transition to digital. 'Someone' had to be the last CEO at EK? Think of all that money Linda Eastman got to BURN thru..! And she couldn't even SING!

  4. backwoodsconsr on January 5th, 2012 7:17 pm

    I didn't know Obama needed advice on how to go bankrupt.

  5. SignPainterGuy on January 5th, 2012 8:39 pm

    It`s just another voice in the echo chamber, assuring Zero he`s bringing all that change he believes in !

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