Kodak files for bankruptcy protection

After months of speculation, the dark day has finally arrived

Rumors have swirled for months now about the fate of Eastman Kodak Co. Perhaps there was some optimism that the company might stave off bankruptcy when it announced a leadership shakeup that saw its GC, Laura Quatela, promoted to president but, alas, it didn’t pan out. This morning, Kodak officially filed for Chapter 11 business reorganization in the U.S. Bankruptcy Court for the Southern District of New York.

Kodak announced that it has obtained $950 million in financing from Citigroup Inc. to help keep the lights on during the bankruptcy proceedings. The company adds that it expects to continue the flow of goods and services as usual, and can pay its employees’ wages and benefits without issue during this timeframe.

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