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.





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