Kodak bankruptcy

Kodak files for bankruptcy

Once-dominant Eastman Kodak Co and its US subsidiaries hit by decline of photographic film business in digital era

the Guardian,

19 January, 2012

Kodak has filed for bankruptcy in a bid to survive a liquidity crisis after years of falling sales related to the decline of its namesake film business as digital cameras have taken over the market.

Eastman Kodak Co, the photographic film pioneer, which had tried to restructure to become a seller of consumer products like cameras, said it had also obtained a $950m, 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 on Thursday.

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