Kodak announces bankrupty move
Struggling photography business Kodak has announced that it is filing for bankruptcy as the once lucrative market for camera film completely dries up.
The move comes despite a belated restructuring programme in which Kodak sought to reposition itself within the digital camera market.
Kodak chief executive Antonio M Perez said: “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.”
Non-US subsidiaries are not affected by the move and a $950m credit facility from Citigroup is expected to keep the company going for the next 18 months.