Eastman Kodak Files for Bankruptcy
Eastman Kodak says that it files for bankruptcy protection, as the 131-year-old film pioneer struggles to adapt to an increasingly digital world.
(NEW YORK TIMES) New York - As part of its filing, made in the federal bankruptcy court in the Southern District of New York, Kodak will seek to continue selling a portfolio of 1,100 digital imaging patents to raise cash for its loss-making operations. The company plans to continue operating normally as it reorganizes under Chapter 11 protection.
"Kodak is taking a significant step toward enabling our enterprise to complete its transformation," said Antonio M. Perez, the company's chief executive.