Kodak Shooting for Turnaround with Sale of Film and Other Businesses

By Karla Robinson
August 28, 2012

As part of its plan to emerge from bankruptcy, Kodak is selling off more of its businesses. This time, its claim to fame, the camera-film business, is getting axed.
Within the first six months of 2013, Kodak hopes to break from bankruptcy protection, which involves paying off $660 million owed to banks.
“In addition to print film, Kodak’s businesses for sale include kiosks that develop digital photos as well as heavy-duty commercial scanners and related software used by large companies such as health-insurance firms to process thousands of forms from customers. A business that takes photos of theme park visitors for souvenirs is also up for sale,” the Wall Street Journal reports.
The article explains the businesses for sale are categorized as either “personalized imaging” or “document imaging.” The two groups make $1.3 billion and $466 million a year in revenues, respectively.
Kodak was hoping to get between $2.2 billion and $2.6 billion from selling its patent portfolio. The auction for the patents has dragged on and, according to insiders, the company will have a difficult time getting that much for its portfolio.
Kodak has already cut off other businesses to raise money, including its photo-sharing website, digital cameras, video cameras and digital picture frames. Ultimately, the company will focus on consumer businesses, primarily printing.

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