Accuracy in Media

WASHINGTON — Eastman Kodak, once a powerhouse when it came to cameras, photography, camera equipment and products, has now been approved to exit bankruptcy.

kodakReuters reports that it will become a smaller digital-imaging company, a far cry from its glory days.

U.S. Bankruptcy Judge Allan Gropper in New York gave the go-ahead to Kodak to move out of bankruptcy in about two weeks. It has been in Chapter 11 bankruptcy since January 2012 when it declared a $6.75 billion bankruptcy.

Who were the culprits? High pension costs (which bankrupt cities like Detroit, Michigan and Stockton, California are dealing with) and a slow move towards digital technology.

With the advent of the iPhone and smartphones with cameras, it has made the typical, old-fashioned camera obsolete in most homes.

Now, Kodak will focus on high-speed digital printing technology and flexible packaging for consumer goods.

Ready to fight back against media bias?
Join us by donating to AIM today.


Comments are turned off for this article.