The iconic 132-year-old brand, still considered by many to be among the most recognizable in the world, lumped itself and its U.S. subsidiaries into the filing in federal bankruptcy court in New York. Kodak plans to continue operating through the restructuring with the help of an 18-month, $950-million credit facility from Citigroup.
Chief Executive Antonio M. Perez called the Chapter 11 filing "a necessary step and the right thing to do for the future of Kodak," adding that the reorganization is expected to wrap up in 2013.
Since 2003, the company has laid off 47,000 workers and shuttered 13 manufacturing plants and 130 processing labs. Executives are now hoping that its digital and printing technologies -- which last year accounted for 75% of its revenue -- will be the key to future profitability.
