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

  • Spider- Man

    If they were smart they would bring back the retro market and hit up the hipster and hanger on film buffs. Make some new Brownie cams some new large format stuff. They have the prints, not like they need to re-engineer too much…

  • Spider- Man

    that is, assuming they haven’t sold those patents as well…

  • Janez

    the traditional photo market is slowly dying. This is realy sad =( First we were robbed of the kodachrome and dye transfer and now we’ll be robbed of the entire kodak product line. Even the digital sensors….

  • soupmaker

    Kodak’s problem has nothing to do with film or photography. It’s true that they don’t bring in as much revenue as peak film production, but the issue is financial. The thing that’s bringing the company down is trying to uphold its pension promises to the former employees that helped make it the “bluest of blue chip” in the 80’s and early 90’s. They couldn’t predict that an artificial market blow-up would destroy their pension investments. You can connect the dots to the 2008 crash, and the people responsible for it.

  • Dnguyen

    I was listening to a Kodak printing solutions ad on the radio. Couldn’t help but laugh. Then I heard that Kodak stocks rose when they announced that they are seeking alternatives to Bankruptcy. I laughed after hearing that as well. I guess I’m just over Kodak. Let me know when the smoke clears and everything is settled.