Posted by Shirley Brady on November 30, 2012 01:28 PM
Eastman Kodak announced this week that it had the financing in place "to successfully execute its remaining reorganization objectives and emerge from Chapter 11 in the first half of 2013." Today, Kodak chairman and CEO Antonio M. Perez updated the progress toward that goal since filing for Chapter 11 bankruptcy protection in January.
Perez, in the video above, discusses the four areas Kodak has been working on during this Chapter 11 reorganization period: resolving legacy costs and issues in the US around retiree pension benefits, with an agreement reached in October and downsizing of its US workforce; "increase liquidity in the US," its biggest cost center and lowest profit center (with $1B in sales outside America); selling off non-strategic IP and patents; and "focusing on our most valuable businesses" — namedly, commercial imaging, as it moves away from its consumer businesses.
"This is a difficult process," he states. "Neither our employees, customers or suppliers doubted why we were doing what we're doing, and they've been there with us all the way. So thank you, thank you all."