Business as usual, says Kodak NZSave
The New Zealand arm of troubled global film and camera maker Kodak confirms "it is business as usual" for its New Zealand and Australian subsidiaries after parent company Eastman Kodak Co. yesterday announced it had filed for bankruptcy.
The flow of goods and services to customers in New Zealand and Australia will continue as normal, with non-US subsidiaries not included in the bankruptcy filing and therefore not subjected to court supervision.
"Our expectation is that yesterday's action will not have any impact on commercial relationships with Kodak operations based outside of the US," a spokesperson for the company in Melbourne told BusinessDesk. "Kodak's non-US entities will continue to pay all invoices on time and meet all contractual obligations."
The Kodak spokesperson could not confirm how many staff were currently employed in New Zealand or Australia but said no jobs would be affected.
Kodak New Zealand Limited was founded as an independently operated wholly owned subsidiary of Kodak Australia in 1934. It has offices, processing laboratories and retail stores in Auckland, Christchurch and Dunedin.
Eastman Kodak Co. filed for bankruptcy in the U.S Bankruptcy in Manhattan, listing assets of US$5.1 billion and debt of US$6.8 billion. The company's credit deteriorated as revenue tumbled from traditional film.
On Jan. 5 Moody's Investors Service cut ratings on about US$1 billion of Kodak debt with a negative outlook.