Kodak files for Chapter 11 Bankruptcy

Kodak files for Chapter 11 bankruptcy

ROCHESTER, N.Y. – Eastman Kodak Co., running short of cash and unable to sell 1,100 digital imaging parents that could have rescued it, filed Thursday for protection from its creditors under Chapter 11 of the US. Bankruptcy Code.

The iconic Rochester company, whose history dates to the late 19th century and the technical and marketing genius of founder George Eastman, has been besieged for the past three months by rumors that it would make a bankruptcy filing. Those rumors had intensified in the past two weeks.

"After considering the advantages of Chapter 11 at this time, 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," CEO Antonio M. Perez said in announcing the decision.