Tag archive: Bankruptcy

The once mighty photographic company Eastman Kodak announced late Wednesday that it had filed for Chapter 11 bankruptcy after years of dwindling sales as it failed to respond to developments in the digital age. In a statement, Kodak chairman and CEO Antonio M. Perez said, “The board of directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak.” The company… Read More

As reported by the Wall Street Journal earlier today, Eastman Kodak may have to file for Chapter 11 bankruptcy protection if company officials aren't successful in selling off 1,100 patents over the next few weeks. While the company would continue to operate during the bankruptcy procedure, Kodak would be forced to sell the patents during a court-supervised bankruptcy auction and wouldn't get the full value for the patents. The… Read More

It's official: Daniel Craig is returning as James Bond in the upcoming, still unnamed, Bond 23. The film will begin shooting toward the end of this year and hit theaters on Nov. 9, 2012, according to MGM and EON, the companies responsible for the film. Production on Bond was resumed in November 2010, and director Sam Mendes confirmed he would still helm the film in early December. It has been a long road for Bond 23. Production on the… Read More

Blockbuster may have declared bankruptcy, but that hasn't stopped it from running an ad campaign touting its last known advantage: it gets DVD/Blu-ray releases 28 days before Netflix and Redbox. Well, not anymore. Its rental kiosk vendor NCR has signed deals with Warner Bros., Fox, and Universal to delay new movie releases by 28 days, putting Blockbuster's kiosks in the same boat as Netflix and Redbox. NCR said delaying releases… Read More

Former video rental giant Blockbuster may be getting close to filing for bankruptcy as a way to escape a mammoth debt burden of over $1 billion. According to reports in the Los Angeles Times and elsewhere, Blockbuster representatives have been meeting with major movie studios to outline their plans for a bankruptcy filing that would see the company shuttering as many as 500 of its nearly 3,500 retail locations. If Blockbuster wants to keep its… Read More

Renegade Macintosh clone maker Psystar stirred up a hornet's nest by offering unauthorized Macintosh clones in the form of low-cost computer systems with altered version of Mac OS X on them, has filed for Chapter 11 bankruptcy protection in the southern district of California. In its petition, Psystar cites the current economic conditions as the primary reason for seeking bankruptcy protection, rather than the company's pending… Read More

It's official: Circuit City is going under. The company announced today that it will be seeking bankruptcy court approval to liquidate the company's assets, including its remaining inventory, retail locations, services, and its online operations like FireDog. The move will mark the end of some 567 retail locations in the the United States and over 760 retail stores and dealer outsets in Canada. The company employes over 30,000… Read More

The Wall Street Journal reports that electronics retailer Circuit City is facing a very tough decision: either close 150 stores, or file for bankruptcy protection. A decision to declare bankruptcy could have a major negative effect on the company, potentially eroding consumer confidence in the retailer and raising doubts about whether the company would be around to honor warranties and other deals. While closing a large number of stores… Read More

Robert Moore said Wednesday that he'll decide within weeks whether his 321 Studios Inc. would seek federal bankruptcy protection to free itself of copyright-related lawsuits by Hollywood and makers of computer games. Moore long had cast his crusade as a David-and-Goliath struggle, insisting his suburban St. Louis company's software was meant to let consumers innocently make backup copies of their DVDs and computer games. Hollywood… Read More

The company filed documents with the American Securities and Exchange Commission just before E3 which indicated that heavy layoffs were likely, following a major drop in sales in the first quarter of the year. At that point it indicated that it was considering options including the sale of various assets (such as publishing rights to forthcoming games) or a merger for the company; filing for bankruptcy leaves those options open, but makes them… Read More

Opta Systems submitted a final bid, which was approved by the Bankruptcy Court. The purchase price is subject to adjustment and the consummation of the transaction is subject to certain closingconditions. The Companies anticipate the transition of assets to be completed by mid-April. As the former Chief Executive Officer of Sensory Science Corporation, I understand the true value of this business unit," said Roger Hackett, Vice Chairman,… Read More