Kodak's Q3 loss widens as company reorganizes after bankruptcy filing
November 2, 2012, 12:44 pm TWN
ROCHESTER, New York -- Eastman Kodak's losses widened to US$312 million in the third quarter as the photo and printing company struggles to emerge from bankruptcy protection.
The loss reported late Tuesday compares to a loss of US$222 million at the same time last year. Revenue for the three-month stretch ending in September totaled US$1 billion — a 19-percent decrease decline from last year.
Kodak filed for bankruptcy protection in January after years of growing competition from Japan and an ineffective response to the past decade's shift to digital photography.
Now, Kodak is having trouble find buyers for its portfolio of digital imaging patents. The company suspended the bankruptcy auction process in September and is now considering licensing the patents instead.
Management was originally scheduled to file Kodak's bankruptcy reorganization plan by Oct. 15. The company is now seeking court approval to wait until end of February for the plan.