The end of an era is near for one company that has been in business for over 100 years. Investors are sensing financial distress and reports indicate that they have started to sell stock in the company rapidly. The once-popular photography company has failed to keep up with the changing times. As a company that focused on standard film production, it did not anticipate just how popular digital cameras would become. As a result, it experienced declining profits over the past few years.
As a last-ditch effort to keep the company alive, executives are trying to sell of patents that could be worth billions of dollars. One financial expert believes that the patents could sell for $2 or $3 billion. However, the company must secure investors willing to buy the patents. If the patent plan does not work out, the company is prepared to file for Chapter 11 bankruptcy. Yet, without cash from the patents, the 131-year-old company will shut its doors forever. If you own a business and find that you are facing Chapter 11 in Texas, contact the Malaise Law Firm today to get advice from an experiencedSan Antonio bankruptcy attorney from our team.