06. Kodak on the brink of bankruptcy

1. Audio for 6_0109_2012_Kodak.mp3

Generations of American families captured the great milestones of their lives using Kodak cameras.

But today you can buy a share of Eastman Kodak stock once for less than once paid for roll of Kodak chrome film.

Anthony Mason tells us this great American institution is fighting for survival.

Always use dependable Kodak film. The film in the familiar yellow box. 

That yellow box with the red logo is one of the 20th century it's titanic brands

It's the new brightest style my camera.

But the company that gave us the Kodak moment and wants to control the 90% of film sales in the US Is now on the brink of bankruptcy.

This week the stock price of the one time blue chip company fell below 50 cents of a share and if it doesn't climb back of a dollar soon, the New York Stock Exchange says it will have to kick Kodak out of the market.

That would be a mighty for for the camera maker founded by George Eastman in 1880. 

Elizabeth Grayer is Eastman's biographer.

If they go on bankrupt we read it in the paper, it will be a sad day.

But I don't see it being a tremendous change because it's really happened already.

With film sales evaporating with digital age, Kodak chrome was discontinued 2 years ago.

And Kodak has failed to develop another business as profitable.

The company once employed 145,000 workers, now has fewer than 40,000.

If you prick me I'll bleed Kodak Yellow.

Edgars retired 5 years ago with a pension, but he's worrying bankruptcy could affect his medical benefits.

I have some feeling that's gonna go. That's awful of them.

Kodak has already cut off his life and dental ensurance and medical coverage for his wife.

Which means that for intentions and purposes I work 34 years for nothing.

And it's headquarters in Lanchester New York the company's been selling off real estate.

And Edgar's worried the bankruptcy could see Kodak finally finally fading away. 

It'll be a very dull ache for an awful a lot of people for an awful a lot of years.