Huffpost Business

Eastman Kodak Files For Bankruptcy After Years Of Falling Sales

Posted: Updated:
KODAK BANKRUPTCY
In this Oct. 3, 2011 file photo, Kodak headquarters is shown in Rochester, N.Y. (AP Photo/David Duprey, file) | File/AP


Jan 19 (Reuters) - Eastman Kodak Co filed for bankruptcy on Thursday in a bid to survive a liquidity crisis after years of falling sales related to the decline of its namesake film business.

The once-iconic photographic film pioneer, which had tried to restructure to become a seller of consumer products like cameras, said it had also obtained a $950 million, 18-month credit facility from Citigroup to keep it going.

"The board of directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak," Chairman and Chief Executive Antonio M. Perez said in a statement.

Kodak said that it and its U.S. subsidiaries had filed for Chapter 11 business reorganization in the U.S. Bankruptcy Court for the Southern District of New York. Non-U.S. subsidiaries were not covered by the filing, it added.

all-earlier-on-huffpost

Suggest a correction

Around the Web

Kodak Preparing for Chapter 11 Filing - WSJ.com

Report: Kodak May File for Bankruptcy | Moneyland | TIME.com

Kodak preparing to name restructuring officer: report

Kodak Said to Be In Talks With Citigroup to Provide Bankruptcy Financing