We are just a few days in to 2012, and there is already rumors of another possible big bankruptcy filing from a titan of corporate America.
This time it is the Eastman Kodak Company that might consider the protection of bankruptcy court. The firm is practically synonymous with photography world wide, but they have obviously been hit hard by the digital revolution.
Kodak has a possible out, however, in that they still own some valuable patents for digital imaging, which some experts think could fetch anywhere up to $3 billion.
That, plus the fact that Kodak still has some cash in the bank, means that any bank filing still might be a ways off. But still, it is a sobering reminder of the state of our economy when we see names like these even mentioned in a bankruptcy context.
If Kodak does file, the next question would be can bankruptcy help them get a fresh start as well? This is a case well-worth watching — if it even becomes a case at all.
By Doug Beaton