It is inevitable. Kodak, the company that invented the hand-held camera, has filed for bankruptcy protection. The 130-year-old company, which pioneered the film imaging technology before becoming a seller of imaging-related consumer products, has also obtained a $950 million 18-month credit facility from Citigroup to keep it afloat. The Chapter 11 business reorganization, which was filed in the U.S. Bankruptcy Court for the Southern District of New York, covers Kodak and all its subsidiaries based in the United States. All Kodak offices outside the U.S. were not covered by the filing.
In a statement, Chairman and CEO Antonio M.
Gadget.com, Kodak Files for Bankruptcy
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