Sumolux
Established
The papers today ran long articles about the future of Kodak, and it is clear that the film division has been sold off to an English pension fund that, it seems, will be keeping the film division alive.
In the worst case, it will peter out, or they might be be able to create a healthy niche market....Who knows. Anyway here is an excerpt from the AP article:
"Another big hurdle in the bankruptcy proceedings was cleared this week when Kodak said it would spin off two businesses to the Kodak Pension Plan in Britain for $650 million in cash and debt as part of a deal that would absolve Kodak of $2.8 billion of claims the pension had made against the company. The agreement still needs the approval of the bankruptcy court.
The two segments that were sold include document imaging and the business that made Kodak a household name, its camera film and photographic paper lines, along with the kiosks found in Target and Walgreens stores where consumers can download and print pictures.
Officials with the British pension fund, which retained the right to use the Kodak brand, have indicated that they intend to hire a management team to run the business. A spokesman for Steven Ross, chairman of the fund, could not reach Mr. Ross for a requested interview.
The film business is in a decline, but observers said the deal was probably the best alternative for the pension fund.
Cheers all,
Sumolux
In the worst case, it will peter out, or they might be be able to create a healthy niche market....Who knows. Anyway here is an excerpt from the AP article:
"Another big hurdle in the bankruptcy proceedings was cleared this week when Kodak said it would spin off two businesses to the Kodak Pension Plan in Britain for $650 million in cash and debt as part of a deal that would absolve Kodak of $2.8 billion of claims the pension had made against the company. The agreement still needs the approval of the bankruptcy court.
The two segments that were sold include document imaging and the business that made Kodak a household name, its camera film and photographic paper lines, along with the kiosks found in Target and Walgreens stores where consumers can download and print pictures.
Officials with the British pension fund, which retained the right to use the Kodak brand, have indicated that they intend to hire a management team to run the business. A spokesman for Steven Ross, chairman of the fund, could not reach Mr. Ross for a requested interview.
The film business is in a decline, but observers said the deal was probably the best alternative for the pension fund.
Cheers all,
Sumolux
