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Kodak Files For Chapter 11 Bankruptcy Protection

Photo by Kevork Djansezian/Getty Images

In the wake of a rough economy and emerging competitors, it looks like Kodak might be on its way out. The photography giant announced Thursday morning that they are filing for Chapter 11 Bankruptcy Protection.

Over the past years the company has be trying to sell its many photography patents in order to stay afloat. Since the sale of those assets has not come through in the amount necessary, things are looking grim for the 131 year-old company.

Kodak will now reorganize its assets and restructure until the 2013 year. Hopefully this will help them liquify and settle some longstanding liabilities. 75% of its income last year came from the digital business.

Kodak says it will still be operating during the restructuring and paying its employees. Citigroup has jumped on the side of Kodak with $950 million in financing.

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