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Citigroup to Save Kodak From Bankruptcy
Bangalore: Eastman Kodak Co is said to take finance from Citigroup Inc which would help the Kodak in case it files for bankruptcy protection, says Bloomberg news. It also said that advisors to Kodak are suggesting it to seek help from a ‘stalking horse’ who would bid for them.
Neither Kodak nor Citigroup were present for comment. Kodak Shares fell to 60 cents from 7.2 cents but they closed at a regular trading down 14.3 cents, or 17.5 percent, at 67.2 cents.
The competitors of Kodak adopted the digital camera technology faster and this lead Kodak left far behind from others. Another company ‘The Rochester’ from New York is obtaining cash by selling a large patent portfolio. This sale will enable it to avoid bankruptcy. It also has the copyright of legal proceedings against such companies as Apple Inc.