NORCROSS, GA, February 26, 2013 (Press-News.org) A little over a year ago, the iconic Eastman Kodak company filed for bankruptcy protection. The Nashville bankruptcy lawyers at Clark & Washington shares Kodak's story in hopes that your company does not find itself in a similar position.
Founded by George Eastman in 1880, the company became one of America's best-known names in the camera and film market. However, they suffered from foreign competition, like Japan's Fujifilm, and then the popularity of digital photography. The company, in filing for Chapter 11 bankruptcy, said that it had about $5.1 billion in assets and nearly $6.8 billion in debts.
Changing Times and Changing Strategies
Kodak tried a number of turnaround strategies and cost-cutting efforts in recent years, but reported only one full year of profit since 2004. Their CFO, Antoinette P. McCorvey, said in a court filing, "Since 2008, despite Kodak's best efforts, restructuring costs and recessionary forces have continued to negatively impact the company's liquidity position."
Howard Anderson, from MIT's Sloan School of Management, blames Kodak's problems on its slow transformation into the digital world. "There is a yin and yang to business, and if you're on top today, start to worry because someone else somewhere is working on a technology that's going to make yours obsolete."
Impacts on Employees, Retirees and Creditors
A recent article in USA Today says that although Kodak hopes to emerge from its bankruptcy by mid-2013, it has been an expensive process, with money still owed to teams of accountants, lawyers and consultants. The Nashville bankruptcy attorneys at Clark & Washington remind people that a company's bankruptcy has a trickle-down effect on both current and retired employees that can result in personal bankruptcy.
Kodak employees have faced pay freezes and layoffs, while retired employees lost medical, dental, life insurance and survivor income benefits at the beginning of this year. No matter how successful an employer is at the moment, no one knows what could happen in the future.
With three locations around Nashville, bankruptcy law is Clark & Washington's specialty. At a time when bankruptcy is more confusing than ever, the firm can help you work through it. Unlike many bankruptcy lawyers in Nashville, Clark & Washington will represent people who have previously filed a case. To talk with a bankruptcy attorney in Nashville, visit http://www.bankruptcyattorneynashville.com or call 615-831-7003 for a free consultation.
About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information, visit http://www.bankruptcyattorneynashville.com.
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Nashville Bankruptcy Attorneys, Clark & Washington, Speak Out on Kodak's Bankruptcy
The Nashville law firm, Clark & Washington, notes that bankruptcy of the company once synonymous with cameras, Eastman Kodak, demonstrates that uncertain economic times (coupled with quickly-evolving technology) can adversely affect anyone.
2013-02-26
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[Press-News.org] Nashville Bankruptcy Attorneys, Clark & Washington, Speak Out on Kodak's BankruptcyThe Nashville law firm, Clark & Washington, notes that bankruptcy of the company once synonymous with cameras, Eastman Kodak, demonstrates that uncertain economic times (coupled with quickly-evolving technology) can adversely affect anyone.