The iconic American company Kodak on January 19, 2012 filed for Chapter 11 bankruptcy protection after years of struggle to get adjusted to the fast-moving digital world. Kodak had just one profitable year since 2004. It closed in 2007 on a high note, grossing a profit of $676 million. That the company was looking for bankruptcy protection became clear in September 2011 when it had hired a major restructuring law firm, Jones Day, as adviser. Kodak is now focused on empasizing and expanding more lucrative lines of businesses such as printers, softwares and packaging. Kodak hired Dominic DiNapoli, VP of FTI Consulting, to navigate the iconic company through the maze of bankruptcy.
History of Eastman Kodak
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*1880: George Eastman founded the company in 1880.
*1888: The company in 1888 marketed world's first roll film.
*1900: It turned the photography into hysteria by launching $1 Brownie camera.
*1912: The company which had pioneered profit-sharing began to pay dividends in 1912.
On January 23, 2012, Kodak replaced Chief Re-structuring Officer Dominic DiNapoli by the Managing Director of Alix Partners LLP, James Mesterharm, who had helped General Growth Properties, Zenith Electronics and Silicon Graphics in Chapter 11 reorganization.
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