Kodak weighing a bankruptcy filing: report

(Reuters)- Eastman Kodak Co shares fell almost 70 percent on Friday afternoon on concerns the photography pioneer could file for bankruptcy.

Kodak has hired Jones Day for restructuring advice, The Wall Street Journal reported, citing people familiar with the matter.

Representatives of Kodak and Jones Day could not immediately be reached for comment.

Kodak's stock had already hit a 38-year low earlier this week as investors worried about its cash position after the company tapped a credit line for $160 million.

A Bloomberg report citing three people with knowledge of the process said Kodak was weighing options including bankruptcy. Both Bloomberg and the Journal, however, quoted a Kodak spokesman as saying the company had no intention at present of filing for bankruptcy.

The Journal said it was not clear what work Jones Day would do for Kodak.

Kodak shares fell as much as 68 percent to 54 cents on the New York Stock Exchange on Friday. The shares were halted after they fell 58.6 percent to 70 cents.

After trading resumed late in the afternoon, the stock was off 54 percent at 78 cents a share.

One shareholder had asked the company's board on Thursday to start a sales process while others said they were unhappy with Chief Executive Antonio Perez.

The company's board is not considering replacing Perez at this time, according to the Journal, which cited two people familiar with the matter.

(Reporting by Sinead Carew; editing by Gerald E. McCormick and Matthew Lewis)