Eastman Kodak, Photography Icon, Files Bankruptcy

Eastman Kodak Co, the photography pioneer that was the inventor of the hand-held camera and assisted in bringing the world the first pictures from the moon, has filed for bankruptcy protection, capping a prolonged nose-dive for one of America’s best-known companies.

The Chapter 11 filing might give Kodak, which traces its roots to 1880, a way to discover buyers for some of its 1,100 digital patents, a major portion of its value.

It may also assist Kodak in continuing to shrink a business that is still employing 17,000 people, down from 63,900 just 9 years ago.

Kodak also was able to obtain a $950 million, eighteen-month credit line from Citigroup so it can continue to operate during the bankruptcy process, which it is expecting to complete in 2013.

Chairman and CEO, Antonio Perez said in a statement on Thursday that this is a necessary step and the correct thing to do for the future of Kodak.

Filed papers with the U.S. bankruptcy court in Manhattan, stated that Kodak had about $5.1 billion of assets and $6.75 billion of liabilities at the end of September.

In court documents, Chief Financial Officer Antoinette McCorvey stated, without elaborating, that Kodak is planning to sell “significant assets” during the bankruptcy. Non-U.S. units aren’t part of the Chapter 11 case.

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Tags: antoinette mccorvey, antonio perez, bankruptcy protection, Chairman, chapter 11, chief executive, chief financial officer, Citigroup, Eastman Kodak, hand-held camera, Kodak, us bankruptcy court in manhattan