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Kodak files for Bankruptcy

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In a not so surprising move, one of world’s oldest camera maker has filed for bankruptcy in the United States. The company has voluntary filed Chapter 11 petition to reorganize the business structure to “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.”

Kodak has also gained a $950 million credit facility from Citigroup that will help the company to enhance liquidity and working capital.

Kodak says Chapter 11 will enable them to maximize the value of their digital capture patents and printing and deposition technologies.

[Via AllThingsD]

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