Thursday, January 19, once-prevailing icon of the photography industry Eastman Kodak filed for Chapter 11 bankruptcy protection.
The New York Stock Exchange suspended trading within a few minutes after the opening bell when Kodak’s stock plunged 35% at the start of trading. Obtaining $950 million in financing from Citibank to sustain operations, Kodak said the credit facility is still subject to court approval and said they have enough liquidity to sustain operations during the bankruptcy process.
Admitting to more than 100,000 creditors and debts totaling $6.75 billion in their Chapter 11 filing, Kodak also stated that it has assets of $5.1 billion, with properties in Rochester, NY, Windsor, CO and Weatherford, OK.
Kodak has long struggled to progress from film and compete in the digital age, even though they were one of the first pioneers in digital photography. In addition to licensing its technology, Kodak has been trying to expand its printer and digital camera commerce. The company will also carry on selling a portfolio of 1,100 digital imaging patents to raise cash for to make up for losses.