January 19, 2012
Eastman Kodak, which invented the hand-held camera and helped bring the world the first pictures from the moon, has filed for bankruptcy protection, capping a prolonged plunge for what remains one of America’s best-known companies.
The 130-year-old photographic film pioneer, which had tried to restructure to become a seller of consumer products like cameras, said it had also obtained a $950 million, 18-month credit facility from Citigroup to keep it going.
“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,” Chairman and Chief Executive Antonio Perez said in a statement.
Kodak said that it and its US subsidiaries had filed for Chapter 11 business reorganisation in the US Bankruptcy Court for the Southern District of New York. Non-US subsidiaries were not covered by the filing, it added.
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