Kodak Files for Chapter 11 Bankruptcy Protection [View all]
The Eastman Kodak Co. announced today that it has filed for chapter 11 bankruptcy protection.
The photography and imaging equipment company and its U.S. subsidiaries "filed voluntary petitions for the reorganization in the U.S. Bankruptcy Court for the Southern District of New York," according to a news release posted on Kodak's website early this morning.
According to the company, the move is intended "bolster liquidity in the U.S. and abroad, monetize non-strategic intellectual property, fairly resolve legacy liabilities, and enable the Company to focus on its most valuable business lines." In addition, the company said it has received $950 million financing from Citigroup to maintain operations as it goes through bankruptcy.
Earlier this month, the Wall Street Journal reported that Kodak was preparing for bankruptcy in the "coming weeks" in case efforts to sell its patents fall through. ..................(more)