19 Jan '12, 9am

Kodak files for bankruptcy, secures $1.2b

Eastman Kodak said early on Thursday Jan 19, 2012 it has filed for Chapter 11 bankruptcy protection, as it seeks to boost its cash position and stay in business. -- PHOTO: AP (REUTERS) - Eastman Kodak, which invented the hand-held camera and helped bring the world the first pictures from the moon, has filed for bankruptcy protection, capping a prolonged plunge for what remains one of America's best-known companies. The 130-year-old photographic film pioneer, which had tried to restructure to become a seller of consumer products like cameras, said it had also obtained a US$950 million (S$1.2 billion), 18-month credit facility from Citigroup to keep it going. '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,' chairman and chief executive officer Antonio M. Perez s...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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Kodak files for bankruptcy

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