Kodak filed for bankruptcy protection in January this year, and announced on Thursday that the company has agreed to sale to its online photo service to social Album website Shutterfly with the price of $ 23.8 million.
Kodak said that Shutterfly had got this online photo service by the Stalking horse Auction. The stalking horse auction is a form of asset auctions commonly used in companies operating under bankruptcy protection.
Shutterfly's services allow users to store and share photos, and it can be able to create custom print albums, greeting cards and albums. Shutterfly's major competitors, are including HP's Snapfish, Kodak EasyShare Gallery, and American Greetings Photoworks and so on.
According to the transactions between the Kodak and Shutterfly, Kodak will transfer Gallery customer accounts and photos in the United States and Canada to Shutterfly. By the news were driven, Shutterfly, the stock rose 13 percent in after hours trading on Thursday and it close at $ 30.51. The regular trading of Shutterfly was close at $ 26.91 in the Nasdaq Stock Market on Thursday.
In January of this year, Kodak and its U.S. subsidiary, has officially filed for bankruptcy protection pursuant to Chapter XI of the U.S. Bankruptcy Act, in order to spend years of declining sales due to the liquidity crisis.
Kodak said the company and its U.S. subsidiary to a U.S. bankruptcy court to apply for the business reorganization under Chapter 11 of the Bankruptcy Law. Subsidiaries outside the United States did not include within the scope of application. Kodak said the move will enhance the liquidity of its U.S. and overseas assets, non-strategic intellectual property commercialization, and properly resolve the remaining problem of indebtedness, focusing on the most valuable business.
Kodak is a global largest manufacturer and supplier of the imaging products and related services all over the world, the headquartered in Rochester in New York of USA, and it is a New York Stock Exchange listed company, the business was in over 150 countries and regions, global workforce of about 8o thousands. Because of the strategic issues, Kodak missed many opportunities, submitted on October 2011 came the news of bankruptcy protection, resulting in stock price plummeted. On January 2012, Kodak faced with the crisis of the stock prices was lower, it gave up the marketing of the imaging.
Kodak said that Shutterfly had got this online photo service by the Stalking horse Auction. The stalking horse auction is a form of asset auctions commonly used in companies operating under bankruptcy protection.
Shutterfly's services allow users to store and share photos, and it can be able to create custom print albums, greeting cards and albums. Shutterfly's major competitors, are including HP's Snapfish, Kodak EasyShare Gallery, and American Greetings Photoworks and so on.
According to the transactions between the Kodak and Shutterfly, Kodak will transfer Gallery customer accounts and photos in the United States and Canada to Shutterfly. By the news were driven, Shutterfly, the stock rose 13 percent in after hours trading on Thursday and it close at $ 30.51. The regular trading of Shutterfly was close at $ 26.91 in the Nasdaq Stock Market on Thursday.
In January of this year, Kodak and its U.S. subsidiary, has officially filed for bankruptcy protection pursuant to Chapter XI of the U.S. Bankruptcy Act, in order to spend years of declining sales due to the liquidity crisis.
Kodak said the company and its U.S. subsidiary to a U.S. bankruptcy court to apply for the business reorganization under Chapter 11 of the Bankruptcy Law. Subsidiaries outside the United States did not include within the scope of application. Kodak said the move will enhance the liquidity of its U.S. and overseas assets, non-strategic intellectual property commercialization, and properly resolve the remaining problem of indebtedness, focusing on the most valuable business.
Kodak is a global largest manufacturer and supplier of the imaging products and related services all over the world, the headquartered in Rochester in New York of USA, and it is a New York Stock Exchange listed company, the business was in over 150 countries and regions, global workforce of about 8o thousands. Because of the strategic issues, Kodak missed many opportunities, submitted on October 2011 came the news of bankruptcy protection, resulting in stock price plummeted. On January 2012, Kodak faced with the crisis of the stock prices was lower, it gave up the marketing of the imaging.
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