Kodak reportedly preparing for bankruptcy filing

5 Jan

Eastman Kodak could file for Chapter 11 bankruptcy protection this month or in early February according to a recent report. The troubled camera maker will likely file if it cannot sell 1,100 patents, The Wall Street Journal said Wednesday. The company is reportedly speaking with J.P. Morgan Chase & Co., Citigroup and Wells Fargo, and is asking for as much as $1 billion in debtor-in possession financing. The financing could help keep Kodak alive as it moves through the bankruptcy filing process. If Kodak does indeed have to file for Chapter 11, it will then try to sell its patents through the court in a bankruptcy auction, The Journal explained. Kodak may also soon be delisted from the New York Stock Exchange if it cannot recover within the next six months.

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