Kodak files for Chapter 11 bankruptcy
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Patent lawsuits won't save Kodak from an overhaul, it seems: as predicted, the photography company just announced that it's filed for bankruptcy. Kodak says it's voluntarily filed for Chapter 11 reorganization in New York, in order to "bolster liquidity in the U.S. and abroad, monetize non-strategic intellectual property, fairly resolve legacy liabilities, and enable the Company to focus on its most valuable business lines." It's also tentatively obtained $950 million in debtor-in-possession credit so it can keep operating while it formally goes bankrupt: the company says it expects to keep paying employees, serving customers and honoring obligations for the time being. »read more
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Filed in: KODAK