Eastman Kodak, the hand-held camera inventor, has filed for bankruptcy protection today after seeing its shares plummet to a record low of 47 cents on Wednesday.
The photography pioneer shifted its product focus in 2005 from handheld cameras to inkjet printers as digital technology eroded its traditional market. It has also relied on its workflow software for additional revenue.
It filed for voluntary Chapter 11 business protection in the US Bankruptcy Court for the Southern District of New York. It has secured $950m from financial services company Citigroup so that it can operate during bankruptcy proceedings.
Antonio M Perez, chairman and CEO of Kodak, said of the bankruptcy:
"After considering the advantages of Chapter 11 at this time, 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."
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