It’s a sad day for many photographers today — the company that gave us the first hand-held camera has filed for bankruptcy. You can read about their Chapter 11 filing from Reuters below……… and don’t forget to check out our blog post about Steve McCurry and the Last Roll of KODACHROME.
Eastman Kodak Co, the photography icon that invented the hand-held camera and helped bring the world the first pictures from the moon, has filed for bankruptcy protection, capping a prolonged plunge for one of America’s best-known companies.
The Chapter 11 filing may give Kodak, which traces its roots to 1880, the ability to find buyers for some of its 1,100 digital patents, a major portion of its value.
It may also help Kodak continue to shrink a business that still employs 17,000 people, down from 63,900 just nine years ago.
Kodak also obtained a $950 million, 18-month credit line from Citigroup so it can keep operating during the bankruptcy process, which it expects to complete in 2013.
“This is a necessary step and the right thing to do for the future of Kodak,” Chairman and Chief Executive Antonio Perez said in a statement on Thursday. Continue reading