Eastman Kodak Co., the innovator of film and camera technologies for the last 131 years, is said to be filing for a Chapter 11 bankruptcy and do a court-supervised auction of its many patents about digital imaging. According to Wall Street Journal, Kodak is still making last-ditch efforts selling off some of its patents that they hope would keep the company afloat. However, the company has started preparing bankruptcy procedures just in case, which includes asking for $1 billion in financing from banks. The funding is needed to pay off some of its obligations.
The bankruptcy filing is seen as a final chapter to Kodak's downward spiral.
Gadget.com, Report: Kodak About To File For Bankruptcy
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