Kodak files for bankruptcy, plans business overhaul
|
Eastman Kodak Co filed for bankruptcy on Thursday in a bid to survive a liquidity crisis after years of falling sales related to the decline of its namesake film business.
The once-iconic photographic film pioneer, which had tried to restructure to become a seller of consumer products like cameras, said it had also obtained a $950 million, 18-month credit facility from Citigroup to keep it going.
The rise and rise of American Punjabi hotelier
"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 Antonio M. Perez said in a statement.
Kodak said that it and its U.S. subsidiaries had filed for Chapter 11 business reorganization in the U.S. Bankruptcy Court for the Southern District of New York. Non-U.S. subsidiaries were not covered by the filing, it added.
- Petrol carmakers announce up to Rs 50000 in discounts Read 1808 Times
- Nude maid service raising eyebrows in Texas city Read 478 Times
- A Chennai restaurant's unique Saturday night dinner Read 372 Times
- Petrol price hike leaves people, parties fuming Read 321 Times
- Shyamal Majumdar: Air India's rich 'workmen' Read 145 Times
