USA: Eastman Kodak has declined to comment on speculation that the company is at risk of filing for Chapter 11 bankruptcy in the next few weeks.
According to reports in the Wall Street Journal, the company first formed by George Eastman in 1880 is attempting to sell off some of its patents in order to avoid the Chapter 11 move.
In case such action fails, the company is also said to be talking to major financial institutions to secure financing – reportedly in the region of US$1 billion – to help keep it afloat while bankruptcy proceedings take place.
Under bankruptcy protection, Eastman Kodak would trade normally while finding buyers for “some 1,100 patents” in a court-supervised auction, the WSJ report says.
Eastman Kodak is due to release its fourth-quarter 2011 financial results on 26 January 2012, at 07:00 Eastern Time over Business Wire and the kodak.com Investor Relations web page.
A conference call hosted by Kodak chairman and CEO Antonio M. Perez, and CFO Antoinette P. McCorvey will take place at 11:00 Eastern Time on January 26.