Kodak and its U.S. subsidiaries filed voluntary petitions for Chapter 11 bankruptcy on Thursday. The petition was filed in the Bankruptcy Court for the Southern District of New York. During the bankruptcy, Kodak hopes to bolster liquidity in the U.S. and abroad, monetize non-strategic intellectual property, resolve legacy liabilities and focus on its most valuable business lines. ”Our goal is to maximize value for stakeholders, including our employees, retirees, creditors, and pension trustees,̶...

Eastman Kodak could file for Chapter 11 bankruptcy protection this month or in early February according to a recent report. The troubled camera maker will likely file if it cannot sell 1,100 patents, The Wall Street Journal said Wednesday. The company is reportedly speaking with J.P. Morgan Chase & Co., Citigroup and Wells Fargo, and is asking for as much as $1 billion in debtor-in possession financing. The financing could help keep Kodak alive as it moves through the bankruptcy filing process. If Kodak...

Via a press release, Blockbuster has announced a “pre-arranged” bankruptcy in order to “recapitalize” and “substantially reduce its indebtedness.” The Chapter 11 filing will take the embattled company’s debt from roughly $1 billion down to $100 million; the filing is for the company’s U.S. branches only. “Blockbuster franchise locations in both the U.S. and abroad are independently owned, operated and funded, and are also continuing normal business ope...

The Los Angeles Times is reporting that the once mighty Blockbuster will file for bankruptcy as early as next month. The Times quotes anonymous sources “familiar with the matter” in the report and explains that the filing could take five months and see 500 to 800 retail outlets closed. The company is seeking protection under Chapter 11 in order to restructure their current debt-load of roughly $1 billion (that’s billion with a “b”). The bankruptcy is being described as pre-p...

D-Day has arrived for the struggling satellite radio provider and for the time being, all is not lost. Liberty Media has indeed swooped in and pumped $530 million into Sirius XM in order to prevent the company from defaulting on $175 million in debt owed to Echostar today. Echostar’s Charlie Ergen had offered to take control of the company in an effort to “help” it avoid bankruptcy but the Sirius XM board seemingly wouldn’t even consider Ergen’s offer as a possibility. Instead, S...

This past week we gave you a brief glimpse into the nightmare that Sirius XM’s business has become and since then things have basically been a cluster… err, mess. Sirius did take a big step in restructuring some of its future debts – $172.5 million that was due in December is now due in June 2011, a move that cost the company 60 million shares of stock. Forget the fact that Sirius XM has $227.5 million of December debt remaining, it also still has $175 million that comes due to Dr. Claw Char...

It might not have happened exactly as terrestrial radio had planned while it was sitting in the shadows, stroking a hairless cat and plotting the downfall of satellite, but it looks like the delays it caused by lobbying against the Sirius XM merger may have ended up doing enough damage. According to a report from the New York Times, the only game in satellite radio town is preparing to file for bankruptcy. With over $5 billion in assets the company would surely be gobbled up one way or another, but its curren...