kodak files for bankruptcy
THE inventors of the hand-held camera Eastman Kodak has filed for bankruptcy protection in the US.
The 130-year-old photographic company has confirmed that it had also obtained a $950m (¤740m), 18-month credit facility from Citigroup to keep it going.
Kodak once dominated the industry but it failed to tackle modern technologies such as the digital camera -- ironically, a product it invented.
In recent years, CEO Antonio Perez steered Kodak's focus more toward consumer and commercial printers.
The downfall has impacted heavily on its employment figures, which fell from 60,000 to about 7,000 in its Rust Belt hometown of Rochester, New York.
Kodak said that it and its US subsidiaries had filed for Chapter 11 business reorganisation in the US. Non-US subsidiaries were not covered by the filing, it added.
Mr Perez said bankruptcy protection would enable Kodak to continue to work to maximise the value of its technology assets, such as digital-imaging patents it licences for use in mobile and other devices and its printing technology.
"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," he said.