A Picture is Worth a Thousand Words; Kodak Filing for Bankruptcy

Kodak filing for bankruptcy

Kodak has filed for Chapter 11 bankruptcy

It is a sad time for film lovers. Wall Street is a flutter with rumor that Kodak may soon file for bankruptcy. Those rumors indicate the film giant has hedged its bets on a “Hail Mary” that might save the company from Chapter 11--specifically, several billion dollars' worth of patents--but that the company is prepping internally to go bankrupt.

The Kodak brand is deeply entrenched in American culture. Kodak, in many ways, was thought of as the "Apple" of it's time. Whereas Apple brought music players, tablet computing, and slickly designed archival interfaces to the public, Kodak brought photographs. Just like the iPod made music easy, Kodak's Polaroid camera made it simple for the average camera user to quickly record a photograph and have a near-instant print in hand. At the time, consumers went nuts for them. Polaroid cameras defined the middle of the twentieth century, as individuals suddenly had a way to quickly and easily record their memories.

Kodak was on board at the onset of the motion picture industry, creating film stocks that were used worldwide. Not just some, but nearly every great film of the twentieth century was shot on Kodak film stock.

The onset of the digital age has changed all that, now threatening to wipe out entire industries. Digital media threatens to sweep away the printed word, the compact disc, physical prints of motion pictures. It is truly the end of an era as digitization amalgamates just about every consumable media known to man.

kodak filing for chapter 11 bankruptcy

"the majority of Hollywood films are still being shot on Kodak"

While the majority of Hollywood films are still shot on Kodak 35mm film, motion picture camera maker Panavision has announced an end to its manufacture of film cameras, guaranteeing that all motion pictures will be digital, probably by the end of the decade.

Kodak was slow in hopping on board the digital train, hedging its bets on film, and now the company is in danger. Meanwhile, a torrid economy takes its toll on the American GDP, and increased bankruptcies have been the result.

There is more to bankruptcy than giant corporations filing Chapter 11. The economic situation is driving many individuals to question their ability to pay their debts. If you feel under the gun financially and want to find out more about bankruptcy, you need to call a lawyer. The Green Law Group can help. Give us a call today at (800) 284-0144 to find out more about your options for bankruptcy.

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