Kodak has one year to right its financial ship
ROCHESTER, n.y — Eastman Kodak Co. has a little over a year to reshape its money-losing businesses and deliver a get-out-of-bankruptcy plan.
Girded by a $950 million financing deal with Citigroup Inc., the photography pioneer aims to keep operating normally during bankruptcy while it peddles a trove of digital-imaging patents.
After years of mammoth cost-cutting and turnaround efforts, Kodak ran short of cash and sought protection from its creditors Thursday. It is required under its bankruptcy financing terms to produce a reorganization plan by Feb. 15, 2013.
Boulder Diagnostics in on medical testing agreement. Boulder Diagnostics Inc. and Portland State University in Oregon announced they have joined forces to develop rapid diagnostic tests for homocysteine and related compounds.
The Boulder firm said professor Robert Strongin of Portland State University has developed a highly specific dye technology that will be used in medical tests to determine indicators for a wide variety of diseases, including cancer, Alzheimer’s, Parkinson’s, cystic fibrosis and HIV.
Under the agreement, Boulder Diagnostics will finance further research at the PSU Department of Chemistry, and PSU will be entitled to royalties on future sales of the licensed technology.
General Electric foresees rough year •NEW YORK — General Electric Co. is bracing for another volatile year. The global conglomerate expects to see emerging markets from China to South America continue to grow while Europe falls into a recession. Excluding discontinued businesses and certain pension costs, earnings were 39 cents per share. That topped analysts’ forecast of 38 cents, based on a FactSet survey. But revenue of $37.98 billion fell below Wall Street’s $40.05 billion estimate.
Zynga weighs online gambling•SAN FRANCISCO — Zynga, the social-game company known for “FarmVille” and “Zynga Poker,” is mulling a new market — online gambling.
Zynga Inc. confirmed Friday that it is in active talks with potential partners. San Francisco-based Zynga says it is speaking to the potential partners in order to “better understand and explore” the opportunity in online gambling involving real money. The company’s “Zynga Poker” title is the world’s largest online poker game. Zynga says 7 million people play every day and 30 million each month — albeit with fake money.
Feds close three banks•WASHINGTON — Regulators have closed small banks in Georgia, Florida and Pennsylvania, the first failures of 2012 following 92 closures last year.
The Federal Deposit Insurance Corp. on Friday seized First State Bank, based in Stockbridge, Ga., with $536.9 million in assets and $527.5 million in deposits; Central Florida State Bank of Belleview, Fla., with $79.1 million in assets and $77.7 million in deposits; and American Eagle Savings Bank of Boothwyn, Pa., with $19.6 million in assets and $17.7 million in deposits.
Financing deal boosts Sears shares. Sears Holdings Corp. had its biggest two-day gain in more than three years following a report that CIT Group Inc. will approve financing for the retailer’s vendors.
Sears rose 13 percent or $5.65 to close at $49.00 Friday after jumping 9.8 percent Thursday. CIT is looking for more detailed information on Sears’ financing and may require letters of credit for all orders, Women’s Wear Daily reported Thursday, citing unidentified people familiar with the plan.
Talbots rises on report of bidders. Talbots Inc. shares rose 19 percent Friday after CNBC reported that Golden Gate Capital Corp. and TPG Capital were considering bids for the retailer. The private-equity firms are weighing bids for Talbots and the process may “heat up” in coming weeks, CNBC’s Kayla Tausche said Friday, without citing a source. Denver Post staff and wire reports
