Kodak officially files for Ch. 11
ROCHESTER, N.Y. — After weeks of speculation, Kodak and its U.S. subsidiaries officially filed voluntary petitions for Chapter 11 business reorganization.
The company, which submitted the filing in the U.S. Bankruptcy Court for the Southern District of New York, said the decision is "intended to bolster liquidity in the U.S. and abroad, monetize nonstrategic intellectual property, fairly resolve legacy liabilities and enable the company to focus on its most valuable business lines." Earlier this month, Kodak unveiled a new corporate structure, which included the consolidation of its three business units into two, the creation of the chief operating office and related executive appointments.
Kodak has obtained a fully-committed, $950 million debtor-in-possession credit facility with an 18-month maturity from Citigroup to enhance liquidity and working capital. The credit facility is subject to court approval and other conditions precedent. Kodak expects to complete its U.S.-based restructuring during 2013.
“Kodak is taking a significant step toward enabling our enterprise to complete its transformation,” Kodak chairman and CEO Antonio Perez said. “At the same time as we have created our digital business, we have also already effectively exited certain traditional operations, closing 13 manufacturing plants and 130 processing labs, and reducing our workforce by 47,000 since 2003. Now we must complete the transformation by further addressing our cost structure and effectively monetizing non-core IP assets. We look forward to working with our stakeholders to emerge a lean, world-class, digital imaging and materials science company.
“After considering the advantages of Chapter 11 at this time, 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,” Perez said. “Our goal is to maximize value for stakeholders, including our employees, retirees, creditors, and pension trustees. We are also committed to working with our valued customers.”
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Shoppers expands Nutrition iQ
BOWIE, Md. — Shoppers Food and Pharmacy, a Supervalu banner, is encouraging consumers to eat healthy by expanding its in-store nutritional navigation program.
Shoppers said that Nutrition iQ now will include the fresh food department, robust nutrition information for the center store, including additional signage, nutritional attributes and health benefit information, to help consumers identify better-for-you foods.
“At Shoppers, we strive to make healthy eating convenient and enjoyable,” Shoppers registered dietitian Jennifer Shea said. “The expansion of the Nutrition iQ program coincides with the new year, the perfect time to get on track and eat better-for-you foods as well as to create a healthy lifestyle.”
Consumption of a variety of healthy foods full of nutrients by an expectant mother is important for the proper development of the fetal brain. Deficiencies in certain vitamins and/or minerals can have significant negative effects on the brain development of an unborn child. Thanks a lot. Regards, top 5 weight gainers
Shoppers Food and Pharmacy doing a great job by expansion of the Nutrition iQ program.We should eat healthy to create a healthy lifestyle.
I think expanding the program is so good. Its all about getting people so healthy in the future. I see so many people taking advantage of this in the future. Keep up the good work. future steel buildings
nutrition iQ was created based on dietary recommendations from FDA Nutrient Content Claims, don't know much about it but want to know more.
I have my kids on a strict diet of Potato chips and LSD. THEY'RE DOING JUST FINE! Nutrition is really necessary for good health.
The nutrition is very much important for the healthy body and better health. So its good to know that people now a days thinking on that aspect too with their food. Good post.
Walmart kicks off ‘Get on the Shelf’ contest
SAN BRUNO, Calif. — Looking to put America’s inventors front and center by uncovering the next great product, Walmart and @WalmartLabs have kicked off the "Get on the Shelf" contest.
The retailer said the contest is designed to give consumers the opportunity to have their products — ranging from housewares and electronics to toys and apparel — sold in Walmart stores and online at Walmart.com. How to works: Contestants will create videos of their latest inventions and submit them by Feb. 22. After, a two-round public voting process — with the first round of voting being held March 7 through April 4 and the second round being held from April 11 through April 24 — will determine the top three products to be sold on Walmart.com, while the grand prize winner’s product will be sold on Walmart.com and featured on the site’s homepage, and also get shelf space in select Walmart stores across the United States.
More details cane be found at GetOnTheShelf.com.
"Walmart has the best products at everyday low prices but we know there are some great undiscovered products that have not yet reached our shelves," said Venky Harinarayan, SVP Walmart Global e-commerce and co-head of @WalmartLabs. "For a long time, the ability to get a product into a retail store was at the sole discretion of the store buyer. Today, we are removing these barriers by giving anyone a chance to launch their product at Walmart and reach millions of shoppers nationwide."
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