19 Jan '12, 7am

US camera pioneer Kodak files for bankruptcy

US camera pioneer Kodak files for bankruptcy

NEW YORK: The century-old US camera pioneer Eastman Kodak, which brought photography to the masses, filed for bankruptcy early Thursday after years of failing to keep pace with the digital age. "The Board of Directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak," CEO Antonio Perez said in a statement. "Our goal is to maximize value for stakeholders, including our employees, retirees, creditors, and pension trustees. We are also committed to working with our valued customers," he added. The company said it had sufficient liquidity to continue operating normally and paying employees during the Chapter 11 bankruptcy process. Its foreign subsidiaries were not subject to the proceedings, it added. The Rochester, New York-based company, which dates back to 1880s, led the way in populari...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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