Struggling Eastman Kodak said Thursday that it and its U.S. subsidiary have filed for Chapter 11 of the U.S. Bankruptcy Code to reorganize its business .
Kodak which has lately charge Samsung Electronics , HTC , and Apple for alleged patent infringement , faced challenge in making the transition to digital technology .
In November , the companionship lowered its tax revenue outlook for 2011 to up to $ 6.4 billion , and said it expected losses in 2011 in the range of $ 400 million to $ 600 million from continuing operation . It shake up its business social organization earlier this month .
The caller said in a statement that it and its U.S. subsidiaries filed voluntary orison for Chapter 11 business reorganization in the U.S. Bankruptcy Court for the Southern District of New York .
In a dictation to raise John Cash , the company has since July been “ exploring strategical choice ” including sale for its digital imaging patent portfolio to take advantage of increased requirement for intellectual attribute . It say it had over 1,100 U.S. patents that are fundamental to the digital imaging industry .
Kodak manifestly wants to take advantage of the frenzy to buy patents in the technical school manufacture , which moderate for illustration to aconsortium that included Apple , EMC , Ericsson , Microsoft , Research In Motion , and Sony to devote $ 4.5 billion for patents and patent applications of Nortel Networkslast year . Google also announced in August that it would acquire Motorola Mobility for $ 12.5 billion with an eye to its patent .
The historied photography company state on Thursday that Chapter 11 gives it the proficient chance to maximize the value in two critical parts of its technology portfolio — its digital capture letters patent , and its printing and deposit applied science .
Its digital capture patents , which are indispensable for a wide range of fluid and other consumer electronic gadget that catch digital images , have generated over $ 3 billion of licensing gross since 2003 , the Rochester , New York fellowship said .
Kodak claim to have licence its digital imagination patent to more than 30 companies , including LG , Motorola , and Nokia .
Kodak on Wednesday filed a lawsuit against Samsung alleging infringements of its patents related to digital imagination technology . It charge like lawsuits last week against Fujifilm , Apple , and HTC , and also sound off to the U.S. International Trade Commission alleging infringements by Apple and HTC of its digital imaging engineering
Kodak expects to fill out its U.S.-based restructuring during 2013 . It has closed 13 manufacturing plant and 130 processing labs , and reduce its workforce by 47,000 since 2003 , as it perish from its traditional operations to creating a digital occupation .
“ The business sector shakeup is signify to bolster liquidity in the U.S. and abroad , monetize non - strategical intellectual property , fairly conclude bequest liabilities , and turn on the company to focus on its most worthful concern lineage , ” it allege in a argument .
Kodak consider that it has sufficient liquidity to lock its business during Chapter 11 , and to continue the flow of good and services to its customers in the average class .
