After the Kodak bankruptcy, filed in the federal court by the company itself, has been approved by Judge Allan Gropper on Tuesday, Kodak is set to leave its bankruptcy protection status and transition into becoming a relatively new printing and packaging company.
Although the formerly top photography giant has not completely healed from its bankruptcy in 2012, the executives as well as its long-term and new investors are positive that the company will secure its praise-worthy status once more, albeit removing some of its primary services such as manufacturing cameras and producing photography films as well as selling its manufacturing facilities and equipment.
A public statement from the company has been released moments after the Kodak bankruptcy affair was resolved; the statement noted that Kodak is hoping to emerge from its protection status as early as possible, identifying Sept. 3 of this year as its target date.
"They still have people with immense skill and who know how to win," dean of the business school at the University of Rochester, adjacent to Kodak's headquarters, Mark Zupan said, adding that the team has gone through the toughest times for more than 10 to 20 years now.
While the transition to becoming a printing and package processing company surprised many people, Kodak has never detracted from its stellar record of being a remarkable longstanding US company. Kodak Co., founded in 1880 by Eatman Kodak Co., only filed for bankruptcy protection in 2012 - 132 years after - because it couldn't keep up with its budding Japanese competitors, the financial struggles of the country, and with many other factors that came in between.
"Up until around 2005, Kodak was one of the most recognizable brands in the world, and that's now gone," photography professor at Ryerson University in Toronto Robert Burkley said. "It's only real brand recognition these days is as a failed company that was unable to make the transition from the 20th century to the 21st century. To some degree, they have become a poster child for a company that could not keep up with technology."
Ever since the company has filed for bankruptcy, most of its business connections and patents dwindled including its camera-manufacturing unit, the one which paved the way to its supposed unending success.
"Kodak is a different company than the one in the popular imagination and very different from the one that filed for bankruptcy," Kodak attorney Andrew Dietderich told the court, expressing that the once very popular brand is now seeking approval for its Kodak bankruptcy-exit plan.
On the other hand, Kodak Chairman and CEO Antonio Perez said that the company is now gearing to become the leader in the digital imaging industry through its multifaceted services including: commercial printing, package processing, and film making for motion pictures and the likes.
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