Feeds

Kodak's moment: Camera biz files for bankruptcy

Will $1bn lifeline be enough to save it?

SANS - Survey on application security programs

Comment Iconic and inept US camera and film company Kodak has finally pressed the shutter button: it has filed for Chapter 11 protection.

Citigroup has stumped up $950m for a credit facility over eight months while the bankruptcy process is worked out.

Beset by the digital camera revolution and screwed by a breathtakingly stupid entry into ink-jet printers, the company led by six-million-dollar man Antonio Perez last made a profit in 2007.

Perez provided the usual three-star corporate BS quote about it being a wonderful event: "The board of directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak. Now we must complete the transformation by further addressing our cost structure and effectively monetizing non-core intellectual-property assets. We look forward to working with our stakeholders to emerge a lean, world-class, digital imaging and materials science company."

See how he is singing the IP patent licensing song still? It's like a guy with a broken leg trying to sell adverts on his crutch. Pursuing patent licensing revenues is the last refuge of the technologically blind CEO.

This is a damning indictment of Perez's six-year run as CEO. He has blown it and resignation is what is expected by his employees, his stakeholders, Kodak's shareholders and, bless its little woolly socks, the board if it had any bottle.

As reported by Reuters, a chief restructuring officer has been appointed, Dominic DiNapoli, who is the vice-chairman of FTI Consulting, an outfit that turns businesses around.

Kodak has a huge pension pot, as well as other obligations to its retired and current workforce, and yet doesn't make enough cash to turn a profit. The beleaguered camera biz preferred to pay dividends until May 2009. Kodak has been run for years by bureaucrats unaware of the digital barbarians overrunning their market until it was too late and the company's executives reacted in a misdirected panic.

The people running Kodak have got to accept that they are responsible for its demise and can't save it. Kodak needs new leadership, vision, energy and decisiveness to cut out the vast acreage of dead wood products and services, identify and support the growth businesses - and we don't mean ink-jet printers - and shrink Kodak back to a viable core while these businesses grow and save the company. ®

SANS - Survey on application security programs

More from The Register

next story
Samsung Galaxy S5 fingerprint scanner hacked in just 4 DAYS
Sammy's newbie cooked slower than iPhone, also costs more to build
Leaked pics show EMBIGGENED iPhone 6 screen
Fat-fingered fanbois rejoice over Chinternet snaps
Oh no, Joe: WinPhone users already griping over 8.1 mega-update
Hang on. Which bit of Developer Preview don't you understand?
Microsoft lobs pre-release Windows Phone 8.1 at devs who dare
App makers can load it before anyone else, but if they do they're stuck with it
Rounded corners? Pah! Amazon's '3D phone has eye-tracking tech'
Now THAT'S what we call a proper new feature
Leaked photos may indicate slimmer next-generation iPad
Will iPad Air evolve into iPad Helium?
Feast your PUNY eyes on highest resolution phone display EVER
Too much pixel dust for your strained eyeballs to handle
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
US mobile firms cave on kill switch, agree to install anti-theft code
Slow and kludgy rollout will protect corporate profits
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.