Kodak: No intention to file for bankruptcy

Kodak: No intention to file for bankruptcy

The photography pioneer, Kodak has stressed after a dramatic price fall in equity, not declare bankruptcy to try. Previously, the financial news agency Bloomberg had reported that the troubled company check to file for bankruptcy. The stock then literally melted there: For the close of trading on Friday it lost nearly 54 percent to 0.78 dollars. After the Kodak opinion, the paper nachbörslich recovered again by almost 40 percent.

"Kodak wants to meet all its obligations and has no intention to file a bankruptcy petition," it said in the statement. Kodak has denied the report on the analysis while not explicitly: "It is not unusual for a company in transition, to examine all options and to engage a variety of external consultants." The opinion of the speaker in "Wall Street Journal" sound thanks to a time limitation very carefully: "As we sit here today, the company has no intention to file for bankruptcy."

Bloomberg had written, citing people briefed on, check Kodak for bankruptcy in connection with the sales plans for its patent portfolio. Potential buyers were concerned, since a sale could be classified as fraudulent, if Kodak was actually insolvent, it was said to justify.

Kodak confirmed information from Bloomberg and the "Wall Street Journal" that were among the external consultants and restructuring experts in the law firm Jones Day. The firm advises companies in bankruptcy proceedings, but also at other ways to improve their finances.

The concerns are not new to Kodak. On Monday, the stock had fallen by nearly 27 percent after the company announced to pull out a $ 160 million line of credit. The date a week before quarter final alarmed investors: There was widespread fear that the company simply did not have enough money. Kodak rejected this. A spokesman justified the grip on credit so that two-thirds of the business in the first half aside in foreign countries and Kodak have decided not to put the money in the U.S. - the so many American companies keep for tax reasons.

Kodak was advised of the transition from traditional to digital photography in difficulties. CEO Antonio Perez is currently trying to re-position the company as a printing specialist. It is an uphill walk with constant red. To help the family finances, Kodak felt in the past few years to patent lawsuits, and currently offers about 1,100 patents for sale. Kodak had recently been the end of June was $ 957 million on the high edge. By the end of the year should increase cash reserves by selling the patent portfolio, including existing plans, according to 1.6 to 1.7 billion dollars.