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bankruptcy

Uh-oh

Kodak Files for Chapter 11 Bankruptcy

by James Plafke | 9:45 am, January 19th

Wednesday night, Kodak said it filed for chapter 11 bankruptcy. Depressing that such an iconic company has struggled enough to take the plunge and file chapter 11, it makes a bit of sense that a film company couldn’t keep afloat during the age of digital photography, where almost everyone’s phone takes pictures of satisfactory quality. Kodak hopes to escape bankruptcy sometime in 2013, and plans on restructuring using $950 million in financing from Citigroup.

Read on...
Cash Rules Everything Around Me

Blockbuster Sets Date For Its Bankruptcy

by Susana Polo | 12:08 pm, August 27th

According to The LA Times, Blockbuster and its biggest debtors have already discussed their plans to declare bankruptcy by mid-September with Fox, Paramount, Sony, Universal, Disney and Warner Bros.

Blockbuster has lost a total of $1.1 billion since the beginning of 2008 and has been severely hamstrung in efforts to grow its business due to interest payments on $920 million in debt. Earlier this month the company announced that most of its debt holders had agreed to a forbearance on interest payments until Sept. 30, during which time it would attempt a recapitalization.

Blockbuster’s bankruptcy looks like it’s going to be something of a tangled mess of retail vs. Hollywood vs. digital connections.

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AND LET IT BE KNOWN

Blockbuster May Declare Bankruptcy

by Susana Polo | 3:56 pm, March 17th

After years of going up against the likes of Netflix, Redbox, and internet piracy – tough competition that is only getting tougher – Blockbuster may be voluntarily declaring bankruptcy.

From The Hollywood Reporter:

The once-mighty video chain, which reported a fourth quarter net loss of $434.9 million, has been trying to diversify into new distribution channels as rentals and sales at its 6,500 stores worldwide continue to dwindle.

Apparently, Blockbuster is about $1 billion in debt:

Read on...
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