After a big round of speculations, Eastman Kodak Co, which invented the hand-held cameras, has filed for bankruptcy protection. If reports are to be believed, Kodak and its U.S. subsidiaries had filed for Chapter 11 business reorganization in the U.S. Bankruptcy Court for the Southern District of New York. 

In response to the bankruptcy file, the 130-year-old photographic film pioneer, (which had tried hard to become a seller of consumer products like cameras), has reportedly obtained a $950 million, 18-month credit facility from Citigroup to keep it going. However, the $950 loan must be approved by bankruptcy 
judiciary panel.

Antonio M. Perez, Chairman and Chief Executive Officer has stated that the Board of Directors and the entire senior management team believes that this is a necessary step and the right thing to do for the future of Kodak. 

Perez further added, bankruptcy protection would enable the company to continue working for maximizing its technology assets, such as digital-imaging and other devices as well as its printing technology. 

As a matter of concern, it is found that Kodak, which was once synonymous with photography is struggling hard with its shrinking cash value and stay in business after failing to turn an annual profit since 1997.

ITVoir NewsDesk