Kodak recently filed for Chapter 11 Bankruptcy. Kodak failed to respond promptly to changes in the industry and marketplace. For example, the company was slow to jump on the digital camera bandwagon and was trampled by the likes of Canon, Hewlett-Packard (HP) and Nikon.

According to USA Today, Kodak has assets of $5.1 billion which are offset by debts of $6.75 billion. The Company plans to reorganize with renewed financing. They also plan to limit retiree costs and increase its stake in the high-end printing by selling printers which cost over $150,000 in the global market.. Kodak has a number of patents and may sell some to help raise money.

Kodak has been slouching towards bankruptcy for the past 30 years with a myopic and delusional-thinking corporate culture.

It literally banked on consumables for over 100 years, ignored its chief competitor - Fujifilm - when it had plenty of opportunity to compete, and failed completely to comprehend the shift to a digital world until it was too late.

Accordingly, it has been on life-support for the past ten years, losing $60 for every digital camera sold, despite its cameras being the top U.S. seller in 2005.

With the firm burning through cash like there is no tomorrow, there probably won't be one, even with an infusion of $950 million from Citigroup. Now, there's a match made in hell. Look for a liquidation, rather than a re-organization.

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The Kodak king in its heyday - the Brownie Hawkeye Flash camera.

Kodak has been used in case studies in business schools for what NOT to do in the marketplace. They were a dinosaur that didn't change with the times. They actually invented the digital camera (before SONY) but did not see the market potential of it.

It is a shame. Some of my fondest memories are captured on wonderful Kodachrome 64 slide film---all converted to digital now!

I think they are known for selling photo films. And were the best to do so, until the digital age came and they had to completely change their line of products and resources to something totally new. I wonder if they’re ever going to come out of bankruptcy protection with relaunch of their name brands.

Just think about their famous punch line “A Kodak Moment"