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Kodak files for bankruptcy, plans business overhaul
January 19, 2012, Thursday
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EASTMAN Kodak Co filed for bankruptcy today in a bid to survive a liquidity crisis after years of falling sales related to the decline of its namesake film business.
The once-iconic photographic film pioneer, which had tried to restructure to become a seller of consumer products like cameras, said it had also obtained a US$950 million, 18-month credit facility from Citigroup to keep it going.
"The board of directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak," Chairman and Chief Executive Antonio M. Perez said in a statement.
Kodak said that it and its US subsidiaries had filed for Chapter 11 business reorganization in the US Bankruptcy Court for the Southern District of New York. Non-US subsidiaries were not covered by the filing, it added.
The once-iconic photographic film pioneer, which had tried to restructure to become a seller of consumer products like cameras, said it had also obtained a US$950 million, 18-month credit facility from Citigroup to keep it going.
"The board of directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak," Chairman and Chief Executive Antonio M. Perez said in a statement.
Kodak said that it and its US subsidiaries had filed for Chapter 11 business reorganization in the US Bankruptcy Court for the Southern District of New York. Non-US subsidiaries were not covered by the filing, it added.
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