Kodak files for bankruptcy, plans business overhaul

Eastman Kodak Co filed for bankruptcy 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 (615 million pound), 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.

(Reporting by Nick Brown, Caroline Humer and Jonathan Stempel; Editing by Mark Bendeich)

Follow us