Kodak files for bankruptcy, secures lifeline
Eastman Kodak Co, which invented the handheld 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.
CEO Antonio Perez said the board of directors and the entire senior management team unanimously believe that (filing for bankruptcy) was a "necessary step and the right thing to do for the future of Kodak", reported Xinhua.
"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.
Kodak and its US subsidiaries had filed for Chapter 11 business reorganisation in the US
bankruptcy court for the southern district of New York, the company said.
The storied former blue chip said it had secured $950 million in financing from Citigroup Inc.
to help keep it afloat during bankruptcy proceedings. The company also named Dominic Di Napoli,
a vice chairman at FTI Consulting Inc., as its chief restructuring officer to help steer the
company through bankruptcy court.
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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