Eastman Kodak Co. is preparing to file bankruptcy in the coming weeks, sources told The Wall Street Journal. The company is attempting to sell some of its patent portfolio to avoid Chapter 11, though it is making preparations should that plan fail.

A Kodak spokesman told The Wall Street Journal that the company "does not comment on market rumor or speculation."

Kodak's shares tumbled 28 percent to a record low of 47 cents on Wednesday after The Wall Street Journal's article was published, BBC reported.

In November, the company said it needed to raise money to continue operating in 2012. According to the BBC, Kodak is attempting to sell or license 1,100 of its digital imaging patents - about 10 percent of its library.

 

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Reach executive producer Agnus Dei Farrant here.