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.Also Read