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19 Jan 2012 13:56

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Biz: More on Eastman Kodak’s filing for bankruptcy protection

  • 131 years in the making: As we mentioned a couple weeks ago, the former film titan, whose  business put cameras in the hands of millions of people, now enters a new phase in its long history, bankruptcy proceedings. New York Governor Andrew Cuomo called it “difficult and disappointing news,” which is understandable; their company was headquartered in Rochester, NY. Since 2003, Kodak has laid off about 47,000 employees, and now in bankruptcy protection their already weak stock price has plummeted to 34 cents per share. If you want to get really depressed about this story, read Alexis Madrigal’s great piece on the company’s history. source
Posted by Chris Tognotti • 0 Comments • Permalink

11 Jan 2012 10:42

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Biz: Not the Twinkies! Hostess files for Chapter 11 bankruptcy

  • Too many employees, too much debt: Hostess, the company that makes Twinkies, HoHos, Ding Dongs, Zingers and other amusingly-named foods (including Wonder bread), says that it has too many legacy payments. With 12 unions making up 83 percent of its 19,000 employees, the company says it “is not competitive, primarily due to legacy pension and medical benefit obligations and restrictive work rules.” The company, which is still negotiating with its unions, will stay in business thanks to $75 million in financing from lenders. (photo by Like_the_Grand_Canyon on Flickr) source
Posted by Ernie Smith • 0 Comments • Permalink

04 Jan 2012 21:07

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Biz: Kodak may soon file for bankruptcy

  • The end of an era: According to sources reported by The Wall Street Journal, the Eastman Kodak company sits on the verge of Chapter 11 bankruptcy, and is expected to file within the next couple weeks. Once a colossus in the world of film, advancements in digital technology inevitably hurt the company’s profits, straining an outdated business model; they’ve failed to turn a profit five of the last six years. Kodak employs about 19,000 people, and has heavy responsibilities to retirees — this is certainly not what the private sector job market needs right now. (Photo courtesy of alf sigaro) source
Posted by Chris Tognotti • 0 Comments • Permalink

29 Nov 2011 11:03

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Biz: American Airlines parent files for bankruptcy: Will keep normal schedule

  • They were the only major airline to avoid bankruptcy in the past decade: In 2003, American Airlines parent AMR, which also operates the American Eagle airline, managed to stave off bankruptcy by scoring an agreement from its unions. The country’s third-largest airline, however, wasn’t able to get past it this time around. With the company’s stocks in freefall (down 45 percent since September) and a recent wave of pilot retirements playing harbinger, it seemed like signs were pointing towards bankruptcy. Here’s what their financials look like, according to their Chapter 11 filing, which they submitted to a New York court today:
  • $24.7B the amount in assets American Airlines parent AMR has on hand
  • $29.6B the amount in liabilities the company owes to creditors
  • $4.1B the amount of cash the company has on hand source
  • » What this means for consumers: The company says it plans to honor its reservations, keep its normal schedules, continue its frequent-flyer program, maintain its Admirals Club lounges and pay employees their normal wages and health benefits. So outwardly, there should be no obvious signs that the company is trying to reorganize itself. (photo by Clara S. on Flickr)
Posted by Ernie Smith • 0 Comments • Permalink

12 Sep 2011 11:12

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Biz: Peace out, Ann Arbor: Borders to close its original location today

  • Borders used to be chockablock with books. It has increasingly looked less like a bookstore than a bowling alley, with its wide-open spaces. Now they’re selling children’s dolls on the front counter. It’s really pretty grim.
  • University of Michigan history professor Jonathan Marwil • Discussing the fate of Borders, the Ann Arbor-based bookstore chain which will close its first Ann Arbor-based location Monday. We’ve been saddened by the fate of Borders, an iconically-great example of the bookstore where you get sucked in for hours, but one whose fate was sealed by being extremely late to the game with the Internet. *SOB* We’ll miss you. source
Posted by Ernie Smith • 0 Comments • Permalink

16 Feb 2011 15:28

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Biz: Bookstore chain Borders, as currently constituted, goes belly-up

  • $1 billion in debt for the now-bankrupt bookstore chain source
  • » Sign of the times: In its Chapter 11 bankruptcy, the famed chain of bookstores will be forced to close 30 percent of its 600 stores, having been left somewhat behind by the changing nature of the book world (damn you, internet). Many analysts feel a tad downtrodden by the news. “This is the biggest bankruptcy in the history of the book business,” said Albert Greco, senior researcher at the Institute for Publishing Research. “This is really a depressing day.”
Posted by Chris Tognotti • 0 Comments • Permalink

23 Sep 2010 10:23

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Biz: Blockbuster’s bankruptcy: Sorry, there’s something in our eyes

  • Let’s face it, this is the possible death of an American icon. Or at least a sign of the times. A once iconic business model – Blockbuster’s movie-rental biz – is facing a tough Chapter 11 challenge, in part because of the insane amount of debt it has. So now it’s going to try to fix itself. Good luck trying to survive with Netflix and Redbox in your face. Some numbers:
  • $1Bthe amount of debt the company has right now; time to reorganize!
  • $100Mthe amount of debt it plans to have after bankruptcy ends
  • 3,000 number of stores the company has; expect that to go down source
Posted by Ernie Smith • 0 Comments • Permalink
 

04 Jun 2010 13:22

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Biz: Lehman Brothers’ art library is on the market, kids

The failed company will pay off some of its debts by selling off their art. It’s expected to raise $10 million; this painting alone should nail over $500,000. source
Posted by Ernie Smith • 0 Comments • Permalink

21 Apr 2010 10:16

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Biz: Chrysler: Big losses, bright spots since exiting bankruptcy

  • $4
    billion     the amount Chrysler has lost
    since exiting bankruptcy; they’ve turned a corner though
  • $143
    million     the company’s operating profit
    this quarter, due to all the cuts
    they’ve made source
Posted by Ernie Smith • 0 Comments • Permalink

07 Apr 2010 10:42

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Biz: GM lost a little pocket change in the second half of 2009

  • $4.3 billion in losses – and that was after bankruptcy source
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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