We reported last August that Kodak was looking to sell its camera film business along with a number of other core businesses. Well, the company has now succeeded.

Kodak announced today that it has reached an agreement to sell off its two remaining imaging divisions — which includes its photographic film business — in a major deal worth $2.8 billion.
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According to Reuters, Shutterfly has officially filed court documents in an attempt to shut down Kodak’s My Kodak Moments app. Shutterfly — who purchased the Kodak Gallery from the bankrupt company for $23.8M last year — is claiming that the app is in violation of the terms of that sale, and demanding that it be taken down. Read more…

Kodak burned historic amounts of money in 2012, but is apparently still on track to leave bankruptcy sometime this year. The company released an annual report with performance figures and messages to investors. One of the glaring numbers in the statement was the fact that company lost $1.38 billion in 2012, almost double the amount it lost in 2011.
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It looks like the Jessops name will be sticking around, even if the company’s 187 physical locations won’t. After going into administration (read: bankruptcy) a few weeks ago, and announcing that all stores would be closing, we thought that was it for the once-great UK photography chain.

But, as it turns out, the Jessops brand has found a savior by the name of Peter Jones, a UK entrepreneur made famous by the reality television show Dragons’ Den. The only catch is that Jones won’t be saving the physical stores (or the 1,300+ jobs that depend on them), he only wants the Jessops brand. Read more…

A couple of days ago, UK camera retailer Jessops entered administration (essentially bankruptcy), appointing PricewaterhouseCoopers as their administrator and putting them in charge of the store’s fate.

At the time, no official next step had been laid out as over a thousand employees waited to hear if administration would translate into “liquidation” or “restructuring.” Sadly, it seems the former was the choice, as BBC News is reporting today that Jessops will indeed close up shop, putting nearly 1,400 people out of a job. Read more…

Jessosps, one of the last of the UK’s national photography retailers, may be entering into administration by the end of the day, according to recent reports. The major retailer managed to narrowly avoid administration in 2009 after an unpopular deal with HSBC, in which the bank “forgave” some 34M pounds of debt in exchange for a near %50 stake in the company.

In May of last year another ray of hope appeared in the form of a potential $16M investment by Canon, but no such deal ever came to official fruition, although some sources report that an investment was made. Now, Jessops seems to be out of options, and administration may be just around the corner, with rumors pointing towards PricewaterhouseCoopers as the potential administrator. Read more…

Over the last year, no news has been good news for Eastman Kodak. The company’s slow and painful climb out of bankruptcy has involved everything from corporate greed to lost patent wars and sub-par auction outcomes. But just a few weeks ago a flickering light emerged at the end of the tunnel for Kodak in the form of $793M in conditional financing.

In fact, since we last reported on the story, the loan amount has gotten even bigger. That sizable $793M has been upped to $830M, every dime of which Kodak desperately needs to get its hands on if it ever intends to escape bankruptcy. But as the saying goes: there’s no such thing as a free lunch — and definitely not one worth $830M. The banks that have agreed to help Kodak out made the financing conditional: Kodak doesn’t get the money unless the company’s long-awaited patent sale exceeds $500M. Read more…

Tough news coming out of France this week: Sipa Press, the country’s leading photo agency, has filed for bankruptcy protection. Michel Puech of the Le Journal de la Photographie reports that the filing came on November 22nd, and can lead to two possible outcomes: reorganization or liquidation.
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Kodak has finally been thrown a lifeline. Yesterday, the beleaguered photography company announced that it had convinced banks to loan it $793 million in order to climb out of bankruptcy by the first half of 2013. The loan agreement comes with one big catch: Kodak must be able to sell its extensive collection of patents for at least half a billion dollars.
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It seems like Kodak is having a hard time figuring out how to getting its finances back in the black. Kodak has announced its 3rd quarter financial results, and the numbers aren’t pretty — they’re downright ugly, actually. Despite raking in $1 billion over the three-month period ending in September (down 19% from the same period last year), the company still posted a net loss of $312 million (up from a loss of $222M during the same period last year).
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