Kodak files for bankruptcy protection
Eastman Kodak, the company that invented the hand-held camera, has filed for bankruptcy protection.
The move gives the company time to reorganise itself without facing its creditors, and Kodak said that it would mean business as normal for customers.
The company has recently moved away from cameras to refocus on making printers to stem falling profits.
The 133-year-old firm has struggled to keep up with competitors who were quicker to adapt to the digital era.
Announcing the move to seek bankruptcy protection, Antonio M. Perez, Kodak's chairman and chief executive, said: "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."
The company said it had already arranged a $950m (£615m) credit facility from Citigroup.
Since becoming chief executive, Mr Perez has been responsible for steering Kodak away from its traditional market in cameras to focus on home and commercial printers.
"Now we must complete the transformation by further addressing our cost structure and effectively monetising non-core IP assets," said Mr Perez on Thursday.
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