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Kodak announces bankrupty move

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By John Glenday, Reporter

January 19, 2012 | 1 min read

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.

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