Topic / Bankruptcy

Kodak files for bankruptcy – now who will buy its patents?

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Kodak has announced that it and all of its subsidies have filed for Chapter 11 bankruptcy protection, in a move to restructure the company “to focus on its most valuable business lines” after years of ignoring the rise of digital cameras. “Kodak is taking a significant step toward enabling our enterprise to complete its transformation,” Antonio M. Perez, CEO of Kodak, said in a statement. “After considering the advantages of […]

Psystar meets Chapter 11 Bankruptcy

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Psystar, the ill-famed company that creates unauthorised Mac clones, has filed for Chapter 11 bankruptcy. Psystar has been at loggerheads with Apple Inc’s tightness between software and hardware over a number of years, citing anti-competition laws as its arguement that Apple is taking advantage of OS X and not allowing others to installed and cheaper, custom-built machines – namely PC’s. Psystar is currently in a legal battle with Apple, with […]

Sirius XM prepares to go bankrupt as debt repayments due soon

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The merged company of satellite radio companies, Sirius and XM, could face going into a possible bankruptcy as it tries to pay off its $3.25 billion debt that it had used to pay its talent, like shock-jock Howard Stern and Martha Stewart, and launching new satellites into space. Sirius XM is soon to pay $175 million of its debt at the end of February, but it could be unlikely to […]

Breaking : Circuit City to liquidate after failing to find buyer

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Circuit City, the second-busy consumer electronics retailer, has reached an agreement with its liquidators after failing to find a buyer or a deal to refinance the company. The liquidation will also see all of its employees, which is around the 30,000 mark, at risk of losing their jobs, which is bad in this economic climae. Court papers have said that it has appointed Great American Group, Hudson Capital Partners, SB […]

Polaroid files for Chapter 11 bankruptcy protection

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The Polaroid Corporation has filed for Chapter 11 bankruptcy protection for the second time in just 7 years in order to restructure its finances after an its parent company, Petters Group Worldwide, is currently under investigation after its founder and other employees are alleged to committed fraud. The investigation does not involve the leadership team at Polaroid, according to its statement. “We expect to continue our operations as normal during […]