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In recent years, the current chief executive, Antonio Perez, has led Kodak to a path that focuses on consumer and commercial printers. However, with the development of digital media technology and the continuous emergence of peer competitors, the company has failed to quickly seize more core, competitive and modern digital technologies, such as digital cameras, so it is still at a competitive disadvantage and has not been able to recover. Annual profitability. Kodak has not only failed to make profits since 2007, but has suffered serious losses. This has made it difficult for Kodak to fulfill its obligation to provide pensions and other benefits for its large number of employees and retirees. The number of employees has dropped from 60,000 to 7,000.
Peng Dong said that applying for bankruptcy protection will enable Kodak to continue to maximize the value of its technology assets, such as digital imaging technology used in mobile devices and other devices, as well as printing technology.
Kodak said that investment bank Lazard Ltd has helped Kodak find buyers to purchase its 1,100 digital patents. Other restructuring consultants include FTI Consulting Inc, a consulting firm that assisted in the restructuring of Kodak. Dominic Di Napoli, the companyâ€™s vice president, will serve as chief reorganization officer and support Kodakâ€™s existing management.
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