Photography and camera giant Kodak has finally filed for bankruptcy protection in the United States, following months of speculation.
“The board of directors and the entire senior management team unanimously believe this is a necessary step and the right thing to do for the future of Kodak,” chairman and chief executive Antonio M Perez said in a statement.
Kodak announced the company, and its subsidiaries, had filed for Chapter reorganisation but that international subsidiaries and entities were not impacted.
The company has attempted to restructure its business for quite some time. Although it has focused more on printers and, the downturn in traditional photography has hurt the company.
The bankruptcy provision would assist the company to use its patents, according to its announcement.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
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