LM Otero / AP
American Airlines pilots march in protest outside a terminal at Dallas-Fort Worth International Airport in Grapevine, Texas, Wednesday. Pilots and airlines management are in talks on a new contract as the company works through bankruptcy.
Chris Hondros / Getty Images
A saleswoman holds a box of Kodachrome film June 22, 2009 in an electronics shop in lower Manhattan in New York City. According to reports on January 4, 2012, if the Eastman Kodak Co. is preparing to file for Chapter 11 bankruptcy-protection if it is unable to sell a cache of digital patents.
Those photojournalists among us who cut our teeth on Kodak film feel a pang of sadness every time Kodak makes the news in recent years. And the file photo from the late Chris Hondros reminds us how many great photographers preferred Kodachrome.
Reuters reports: Eastman Kodak is preparing a Chapter 11 bankruptcy protection filing in case it is unable to sell its digital patents to raise capital, The Wall Street Journal reported on Wednesday.
The once-iconic photographic film pioneer is in talks with potential lenders to secure about $1 billion in debtor-in possession financing to sustain Kodak through bankruptcy proceedings, the Journal reported citing unidentified sources.
Related:
Speculation that Kodak may be preparing for bankruptcy are sending its shares down more than 30% today, with Porter Bibb, Media Tech Capital Partners, and David Kudla, Mainstay Capital Mgmt.
Allen Fredrickson / Reuters
Milwaukee Archbishop Jerome Lestecki announces the Milwaukee Archdiocese will file for bankruptcy at a news conference at the Cousins Center in St. Francis, Wisconsin Jan. 4.
This is the eighth U.S. Catholic archdiocese to seek bankruptcy protection.
As the Milwaukee Journal reported:
Just before the news conference, a group of advocates for the victims of clergy sex abuse said bankruptcy allows Listecki to avoid depositions and questions under oath in court about the abuse cases.
"This is about protecting church secrets, not church assets," said David Clohessy, national director of SNAP, the Survivors Network of those Abused by Priests. "The goal here is to prevent top church managers from being questioned under oath about their complicity, not 'compensating victims fairly.' "
Kirsty Wigglesworth/AP
The Lehman Brothers corporate sign in polished metal is taken into an auction house in London, Friday, Sept. 24, 2010.The sign estimated to sell for 2,000-3,000 pounds ($3,140-4,710) will go on sale in the Christie's auction of Lehman Brothers Artwork and Ephemera on Sept. 29.
I sure hope some rich banker doesn't buy this sign at the auction. . . They should donate it to the Smithsonian so we don't forget what happened.
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