Kodak files for bankruptcy
U.S.-based Eastman Kodak Company, synonymous with photography for more than a century, has declared
bankruptcy. thousands of jobs in recent years and is expected to continue cutting workers during its
reorganization. From its peak of 145,000 workers in the 1980s, Kodak is down to 19,000.
Eastman Kodak Co, the photographic film pioneer, which had tried to restructure to become a seller of
consumer products like cameras, said it had also obtained a $950m, 18-month credit facility from
Citigroup to keep it going.
The loan and bankruptcy protection from U.S. trade creditors may give Kodak the time it needs to
find buyers for some of its 1,100 digital patents, the key to its remaining value, and to reshape
its business while continuing to pay its 17,000 workers.
Kodak, registered in 1888 in New York by inventor George Eastman, has been a household name for
generations as it made photography accessible for the masses with the invention of handheld cameras.
"After considering the advantages of Chapter 11 at this time, 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 CEO Antonio M Perez said in a statement.
The 131-year-old company struggled for decades to cope with the emergence of competitors in its
film business and the .
Kodak India on Thursday said the bankruptcy filing by its parent in the US will not impact
operations here.Kodak India vice-president, marketing PN Raghuvir said
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