Kodak Burning Through $70 Million Every Month. Bankruptcy Near?
The Los Angeles Times is reporting that Kodak may be “a shutter click from extinction”:
Once ranked among the bluest of blue chips, Kodak shares sell today at close to $1. Kodak’s chairman has been denying that the company is contemplating a bankruptcy filing with such vehemence that many believe Chapter 11 must lurk just around the corner.
The Rochester, N.Y., company said it had $862 million in cash on hand as of Sept. 30, but at the rate it’s losing money from operations (more than $70 million a month), that hoard would barely last a year.
No wonder the company is trying to find someone to purchase its online photo sharing service for hundreds of millions. Even if it did manage to find a buyer, the sale would only buy a few more months of life unless the company can figure out how to stop the bleeding.
Kodak’s long fade to black [Los Angeles Times]
Image credit: Money Going Up in Smoke by Images_of_Money
