Sullivan & Cromwell doesn’t usually serve as lead debtor’s counsel in bankruptcy cases, but the firm made an exception on Thursday when longtime client Eastman Kodak initiated Chapter 11 proceedings in Manhattan.
S&C was founded in 1879, the same year Kodak founder George Eastman sought to obtain a patent on a plate-coating machine that would eventually give rise to his iconic camera company, which has struggled in recent years to adapt to a changing market, most recently seeking to use its many patents to shore up a cash shortfall.
