05 Jan '12, 8am

Kodak preparing to file for bankruptcy protection

NEW YORK - Eastman Kodak is preparing a Chapter 11 bankruptcy protection filing in case it is unable to sell its digital patents to raise capital, The Wall Street Journal reported yesterday. The once-iconic photographic film pioneer is in talks with potential lenders to secure about US$1 billion (S$1.3 billion) in debtor-in possession financing to sustain Kodak through bankruptcy proceedings, the Journal reported, citing unidentified sources. The Chapter 11 filing could come as soon as this month or early February, the newspaper said. Kodak shares fell about 28 per cent to 47 US cents on the New York Stock Exchange following the online report, which dampened investors' hopes that the company could arrange a quick sale of its patents or a financing lifeline to keep it afloat. A spokesman for Kodak declined to comment, saying its policy is not to comment on market rumors or ...

Full article: http://www.todayonline.com/Business/EDC120105-0000109/Kod...

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