According to reports in the Wall Street Journal, one of the most iconic photography companies in the world is preparing to file for Chapter 11 bankruptcy protection in the next few weeks.
The Eastman Kodak company sold its first camera, simply called the Kodak camera, in 1888 and in the intervening 123 years has become an instantly recognisable name in the photography industry, both in terms of cameras and the film itself.
The Wall Street Journal is quoting sources familiar with the matter who say that Kodak is attempting to sell a cache of digital patents and should this fail, they will have to file for bankruptcy.
On the back of this revelation, shares in Kodak fell more than 30¢ to 44¢ and Kodak said on Tuesday that it could be de-listed by the New York Stock Exchange because its shares were valued at less than $1 for more than 30 days.
Kodak is trying to sell 1,100 digital patents but should it file for bankruptcy it would still be able to sell the patents through a court-supervised bankruptcy auction. Kodak would continue to pay its bills and operate normally while under bankruptcy protection. In response to the report, Kodak said it "does not comment on market rumour or speculation."
In the last decade, Kodak has attempted to come to terms with the decline in the use of film in still and film cameras and has in recent years branched into printers but with far less success.
Source: Wall Street Journal