Not long ago I had lunch with David Webb, one of the head honchos at Kodak – he wanted to discuss the changes in the independent film sector and digital film making with someone who was working at the coal front. I was subsequently invited to speak with the European heads of Kodak and present ideas for the future, with specific regard to indie film makers. As you will know, I am a keen lover and supporter of film and the news about Kodak, while not unexpected, was a bit upsetting.
I just got this email from David, General Manager, Entertainment Imaging, Kodak UK, and I thought I would share it with you as it seems that for now at least, Kodak UK is business as usual…
‘As you may have heard, Kodak and its U.S. subsidiaries voluntarily filed for U.S. Chapter 11 reorganisation yesterday. Most importantly, let me emphasise that only Kodak and its U.S. subsidiaries are part of the reorganisation process; subsidiaries outside of the U.S. including Kodak Ltd are not included in the filing, and we expect to continue to serve all our customers during this process.
Kodak has established a public website, www.kodaktransforms.com to serve as a centralised source of information & below are a couple of the key points from the press release put out yesterday.
‘The business reorganisation is intended to bolster liquidity in the U.S. and abroad, monetise non-strategic intellectual property, fairly resolve legacy liabilities, and enable the Company to focus on its most valuable business lines. The Company has made pioneering investments in digital and materials deposition technologies in recent years, generating approximately 75% of its revenue from digital businesses in 2011.’
‘Kodak has obtained a fully-committed, $950 million debtor-in-possession credit facility with an 18-month maturity from Citigroup to enhance liquidity and working capital. The credit facility is subject to Court approval and other conditions precedent. The Company believes that it has sufficient liquidity to operate its business during chapter 11, and to continue the flow of goods and services to its customers in the ordinary course.’
For all our operations, it is very much business as usual for our customers. We will continue to be there to support you and work with you during this process.
Again given that Chapter 11 does not impact non-U.S. subsidiaries and allows us to continue normal business operations, I look forward to us continuing to enjoy our strong and mutually beneficial relationship. Please also do not hesitate to call me or the Kodak team with any additional questions or concerns.
Thank you for your support, loyalty, and continued business.
Entertainment Imaging,UK, Ireland, Middle East, Africa, Central & Eastern Europe
Kodak Limited (UK),
Hemel One, Boundary Way, Hemel Hempstead, Herts, UK. HP2 7YU.’
Onwards and upwards
Chris Jones, Film Maker and Author