Kodak Files For Bankruptcy, Finds Buyer for 320 Acres in Windsor
7News is reporting that Eastman Kodak has filed for Chapter 11 bankruptcy protection. The company has obtained nearly one billion dollars in financing from Citibank (subject to court approval) to maintain its operations and they plan to keep operating through the bankruptcy process.
Meanwhile, 320 acres of land owned by Kodak in Windsor has been sold to the Denver-based Broe Group.
Kodak acknowledged, in its Chapter 11 filing, that it had more than 100,000 creditors, with debts totaling $6.75 billion. Kodak Company also said that it had assets of $5.1 billion, with properties in Rochester, NY, Windsor, Colo. and Weatherford, Okla.
Kodak has struggled since most photography went digital, and has only posted one full-year of profit since 2004, according to 7News. Their stock has also become almost worthless, falling to penny stock status in 2011.
The Kodak plant in Windsor once housed 3,500 workers, but now that number has fallen to hundreds or less. Most buildings in the surrounding business park have been empty and vacant for quite some time and Kodak had been demolishing buildings and trying to sell the properties.
This month finally brought some good news on that front as a buyer was finally found for some of it.
According to My Windsor Now Windsor Renewal I, an affiliate of The Broe Group based in Denver acquired 320 acres from Eastman Kodak Company on January 3rd and that land will become part of the Great Western Industrial Park in Windsor.
I hope Kodak can get turned around and become a thriving company again, and hopefully the redevelopment of the Great Western Industrial Park can bring some more jobs to Windsor.
Check out video from the Greeley Tribune of some of the demolition going at the empty Kodak buildings in Windsor from last June.