In a press release just sent to TrustedReviews, Kodak’s European arm has confirmed non-US subsidiaries are not included in the chapter 11 bankruptcy protection filing and
will continue to operate as usual.
In a statement, Manging Director for Europe, Philip Cullimore said:
European business is not affected by the decision that has been taken by our US
parent company to file for voluntary Chapter 11 business reorganization for
U.S. businesses. In Europe we have seen a significant shift
towards business-to-business imaging applications, and are weighted towards
printing. These businesses in Europe are performing well and growing fast.”
This statement is obviously seeking to calm the fears of customers and suppliers who may have begun to fear the worst following the filing yesterday.
Chapter 11 proceedings in the US are a way for companies to avoid going into bankruptcy and having secured almost $1 billion in funding from Citigroup, Kodak intends on continuing operating as normal while it carries out a restructuring process which it expects to be finished by 2013.