Kodak said looking for $900m to rescue itself
Kodak rumored in deep trouble, seeks bailout
updated 06:15 am EDT, Tue October 25, 2011
Kodak is said to be looking for $900m in emergency funding to rescue itself from insolvency. According to the Wall Street Journal, Kodak has been in talks with several hedge funds seeking financial backing to keep the company afloat while it seeks to sell off its most valuable patents. At the same time, the company hopes to continue its restructuring plans, which it hopes will return it to profitability.
Hedge funds approached by Kodak include, Cerberus Capital Management, Silver Point Capital, Centerbridge Partners and Highbridge Capital Management. While Kodak declined to comment on its capital raising plans in any detail, a company spokesman said, "As a matter of course, we are always assessing the financing strategies available to us."
Kodak has been struggling to turn its fortunes around in the face of the onslaught of digital cameras and mobile phones with cameras as users moved rapidly away from traditional print photograph. Its current strategy is to build on its photographics skills by developing new lines of personal printers that can also print high quality photos at home.
The company would use the $900 million in new funds to pay down its senior debt and use the remainder to strengthen its cash position. While the company still had $957 million in cash at the end of June, its remaining patents are valued at over $1 billion dollars and can offset and debts that it might incur in the short to medium term.
However, the patent sales can take time, particularly if the company hopes to yield the maximum value from them. It recently sold up to 10,000 of its 11,000 patents to IMAX, and has already raised over $2 billion in patent sales to date.
Read more: http://www.electronista.com/articles/11/10/25/kodak.rumored.in.deep.trouble.seeks.bailout/#ixzz1bnG95lAV
updated 04:25 pm EDT, Fri September 30, 2011
Kodak hires Jones Day law firm for money advice
(Update: Kodak responds) Electronics maker Kodak has hired law firm Jones Day to help it with restructuring, sources familiar with the matter told the WSJ. Investors are concerned with Kodak's turnaround prospects, and it has recently borrowed $160 million from a credit line. Meanwhile, shares fell about 60 percent.
Exactly what Jones Day will advise isn't known, as the firm has advised large companies on bankruptcies and other methods of improving finances. It could tell Kodak to raise new debt or equity or ask creditors to forgive debt in exchange for ownership stakes.
"As we sit here today, the company has no intention of filing for bankruptcy," said Kodak spokesman Gerard Meuchner. Company chief executive Antonio Perez made a similar announcement to the company's 19,000 worldwide employees using a broadcast.
Kodak also recently hired investment bank Lazard Ltd. to advise it on selling 1,100 camera patents in order to raise cash. Possible buyers may be Apple or Google, though they weren't named. Purchasing these "defensive patents" would help the companies from any upcoming lawsuits. Owning patents can also prove profitable to companies who would use them in lawsuits against others who may infringe them.
Update: Kodak has put out a statement acknowledging that it was talking to Jones Day but which repeated its position that it had no plans to declare bankruptcy.
"Kodak is committed to meeting all of its obligations and has no intention of filing for bankruptcy," it said. "The company also continues to actively pursue its previously announced strategy to monetize its digital imaging patent portfolio. Kodak remains focused on meeting its commitments to customers and suppliers, and on delivering on its strategy to become a profitable, sustainable digital company."
Read more: http://www.electronista.com/articles/11/09/30/kodak.hires.jones.day.law.firm.for.money.advice/#ixzz1a7GVea1E
Kodak rolls out Playfull Waterproof that is readable in the sun
The same body also lets it resist dust and shock-proofs it for drops from up to five feet. Video itself adjusts to the elements, with a special white balance that adapts to the color biases underwater.
Regardless of conditions, it has a two-inch preview LCD with a switchable glare shield. The SDHC slot lets it capture as much as 10 hours of video on a 32GB card, and software work in the camera both offers basic image stabilization as well as four live effects filters that include a 1970s 8mm-like filter.
Kodak is shipping the Playfull Waterproof in the fall in either a bring-your-own-storage $100 version or a 4GB bundle for $120
Read more: http://www.electronista.com/articles/11/09/30/kodak.playfull.waterproof.toughens.up/#ixzz1a7Ei0Lga
Kodak's Waterproof Playfull records your pool parties in 720p, lets you relive that belly flop
Do you like to play rough? Good, then this Kodak's for you. Up for pre-order on the imaging company's website, is an update to the Playfull we got eyes-on with at CES earlier this year -- except this handheld camera's waterproof, as well as dustproof and drop-proof (although, only "onto plywood"). The slim 720p shooter weighs in at about 85 grams and sports a 2-inch LCD display, HDMI out, pop-out USB 2.0 and an SD card slot expandable up to 32GB. Kodak's offering this pocket and pool-friendly portable in mid to late October with a premium $120 price tag set for the black version, and the white at a lesser $100. If your high-end smartphone's just not cutting the HD-recording mustard, go ahead and hit up that source link below.
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