Kodak Files For Chapter 11 Bankruptcy
Eastman Kodak Co. is the photography company that introduced a $1 Brownie Camera over a century ago.
The company listed assets of $5.1 billion and a debt of $6.8 billion in Chapter 11 documents filed in the U.S. Bankruptcy Court in Manhattan, according to the Washington Post.
Kodak’s revenue has been cut in half since 2005. To try to save the company Kodak tried to enter the digital printer market, but found little success.
Kodak received a $950 million credit lifeline to remain afloat for 18 months while the company tries to sell 1,100 patents.
Reach associate news editor Hannah Madans here.
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