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    Kodak Files for Chapter 11 Bankruptcy Protection

    The Eastman Kodak Co. announced today that it has filed for chapter 11 bankruptcy protection.

    The photography and imaging equipment company and its U.S. subsidiaries "filed voluntary petitions for the reorganization in the U.S. Bankruptcy Court for the Southern District of New York," according to a news release posted on Kodak's website early this morning.

    According to the company, the move is intended "bolster liquidity in the U.S. and abroad, monetize non-strategic intellectual property, fairly resolve legacy liabilities, and enable the Company to focus on its most valuable business lines." In addition, the company said it has received $950 million financing from Citigroup to maintain operations as it goes through bankruptcy.

    Earlier this month, the Wall Street Journal reported that Kodak was preparing for bankruptcy in the "coming weeks" in case efforts to sell its patents fall through.

    "Kodak is taking a significant step toward enabling our enterprise to complete its transformation," said Antonio M. Perez, Chairman and Chief Executive Officer in the release.

    Perez said the company "must complete the transformation by further addressing our cost structure and effectively monetizing non-core IP assets. We look forward to working with our stakeholders to emerge a lean, world-class, digital imaging and materials science company."

    Kodak has long struggled with reinventing itself as a technology company amid advancements in digital cameras and photo sharing.

    The company has closed 13 manufacturing plants and 130 processing labs, and reducing its workforce by 47,000 since 2003, the release said.

    Earlier this month, Kodak disclosed that the New York Stock Exchange warned the company's shares could be delisted unless it gets its finances in order in the next six months.

    Since 1892, the company has been called Eastman Kodak Company under George Eastman.

    In 1888, the word KODAK was registered as a trademark for a camera that could be used by a larger market, the company said.

    ABC News' Susanna Kim contributed to this report.

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    • Mr. Serenity  •  4 mths ago
      A sad day. My first camera was a Kodak back in the 1950s.
      My first digital camera was also a Kodak.
      The imbeciles executive ran the brand into the ground.
      But don't worry about them, they all have golden parachutes and will pocket millions while another iconic US company goes down the drain.
      • Chuck 4 mths ago
        Wanna bet that the majority of the movers, and shakers at Kodak are members of the GOP ?
      • Enuf 4 mths ago
        Chuck...you are an idiot, plain and simple!
      • Jeff B 4 mths ago
        If they had stock, it is worthless.
    • High Velocity  •  Parkersburg, West Virginia  •  4 mths ago
      Kodak dies! Unreal! Anything in this day and age is fair game to die out......I bet a few decades down the road, some other company will down Walmart......
      • Zooty 4 mths ago
        Hopefully not. :o(
      • charliem 4 mths ago
        hopefully so
      • munson 4 mths ago
        cant wait till i see this news about wal-mart..... they scammed me out of 1500 dollars on a tv i bought. i bought a 3 year extended warrenty on my tv. the tv went off in 2 years. i called thm to fix it. and they sent a repair man in to fix it. he picked up my tv and a few days later said he cant find the part needed anywhere. you will have to call them and get another tv instead. so i call them and they say we found the part.... so they send it to the repair man. he brings my tv back and tells me they put a whole new power panel on it. im thinking cool !!! then he said if anything happens please wait 30 days so he can get paid to fix it again???? well about 5 months later i wake up to turn my tv on and the power doesnt come on at all. last time it came on but it was a black screen. this time no power. so i called walmart again and they said my warrenty expired not even a month before it broke again!! so i was out 1500 bucks.i make it a point not to shop at walmart since then...
    • Remember the 60's  •  Dallas, Texas  •  4 mths ago
      A sad Kodak moment.
    • Dr Knowitall  •  Gainesville, Florida  •  4 mths ago
      They killed Kodachrome & the end was coming!
      • limey rocker 4 mths ago
        Paul Simon said it best"don't take away my Kodachrome".
    • Joseph M  •  Knob Lick, Kentucky  •  4 mths ago
      Blame me. I used to purchase between $300-$500 worth of their products a year. I haven't bought any film since 2004. Kodak is in the same boat as the Buggy Whip guys of the 1910's. C'est la vie... it was nice while it lasted.
    • Tribbles  •  4 mths ago
      The great irony is that Kodak was decimated by its own invention. The digital imaging sensor was invented by Steven J. Sasson, an electrical engineer at Eastman Kodak. Management, however, was entrenched in its century old commitment to film. But other companies didn't hesitate, running with digital and leaving Kodak sitting on its laurels.
    • oldman  •  4 mths ago
      End of an era - I should dust off my Canon AE-1 and shoot a roll while I can still buy film and get it developed.
    • shame on us  •  4 mths ago
      who remembers when they layed off 10,000 American workers, and moved to Mexico?
    • hubcap_diamond_star_halo  •  Memphis, Tennessee  •  4 mths ago
      When Kokak embraced innovation, they flourished. When they refused to change with the times, they perished. Same story gets told over and over again in business.
      • IrishMC 4 mths ago
        sounds like our government
    • splendiferious  •  Chicago, Illinois  •  4 mths ago
      Guess Kodak is not to big to fail
    • A Yahoo! User  •  4 mths ago
      I have Kodak cameras and they are GREAT!
    • really4mi  •  4 mths ago
      sadly, just like the automakers, the entrenched philosophy of ignoring technology and customer focus over brand recognition has done in a once fine institution. 47 thousand people lost their jobs because of gross mismanagement and corporate negligence.
    • schmee  •  Houma, Louisiana  •  4 mths ago
      So another American icon bites the dust,goodbye Kodak,my chidhood memories thanks you for being there too record our lives
      • Chuck 4 mths ago
        Yes Kodak management, thanks for making mega-bucks off the US, and then skipping on your debts. Don't forget to blame the employees on your way out.
    • Andrew Smith  •  4 mths ago
      I remember around 2000, when digital cameras started taking over, Kodak was passing through hard times. Now with this explosion of good cell phone cameras, I don't think Kodak will survive.
    • My Two Cents  •  4 mths ago
      With all those smart people at Kodak, they didn't see the digital age coming?
    • Jeff B  •  4 mths ago
      Very sad day. Digital photography killed Kodak.
    • Peter-WendyC  •  4 mths ago
      I wonder how Kodak retirees will fare after bankruptcy not to mention current retirement
      funding.
    • Moving to Montana  •  4 mths ago
      Common stock value = zero
    • Rand March  •  Jersey City, New Jersey  •  4 mths ago
      25 years worth of bad upper-management decisions in a non-union company which invented, but then ignored, digital photography, yet some here choose to blame President Obama, unions or "the Jews" (Kodak's CEO, Antonio Perez, is NOT Jewish)
      Kodak has failed because they refused to adapt to the times

      In related news: Stock values for Amalgamated Buggy Whips have plummeted
    • patrick  •  Tuscaloosa, Alabama  •  4 mths ago
      Film cameras have died and Kodak was the king of the film camera business - this is just a film camera funeral marking the end of what was a giant business world wide.
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