Kodak Files for Bankruptcy Protection
After months of speculation, film company Eastman Kodak Co. filed for Chapter 11 bankruptcy protection today. In its filing in US Bankruptcy Court in the Southern District of New York, the company reported that it has $6.8 billion in debt and $5.1 billion in assets. Kodak has struggled for years as photography moved from film to digital photography.
The company also announced it had secured a $950 million loan from Citigroup to help operate during bankruptcy, Bloomberg News reports.
If its filing is approved by a bankruptcy judge, the company would continue operating while it re-negotiates its debt with its creditors.
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