Kodak Rumored to be on the Verge of Bankruptcy

Kodak is an American business icon, but the company has fallen into hard times and The Wall Street Journal has reported the company is close to filing for bankruptcy protection.

The company’s shares fell to an all-time low after the WSJ report. If they are not able to sell off over 1,000 patents they will run out of money sometime this year. Analysts have said their patents could fetch $2 to $3 billion dollars, but they have been unable to find buyers since they began looking in July.

The WSJ reported that Kodak is trying to secure $1 billion in financing to help them continue operations.

Kodak has always been known for creating a quality camera, but their real bread and butter comes from the sale of film.  Since digital cameras have become the norm, film sales have dropped dramatically.

In the past few years, there have been other businesses facing bankruptcy in the internet and digital revolution. These businesses who seek out bankruptcy attorneys include Polaroid and Border’s. Polaroid who also makes film declared bankruptcy twice and Border’s was forced to liquidate because it was squeezed out by Amazon.

Keeping a troubled business afloat is possible with the assistance of a bankruptcy lawyer. There are protections that allow a business to continue operating while satisfying creditors. Other bankruptcy filings allow for a reduction or dismissal of debts through liquidation. A bankruptcy attorney will give the ailing business sound advice about which type of bankruptcy will be best for their needs.