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 FancyEnglish  Kodak files for bankruptcy protection  百科知识

January 20, 2012

　

130-year-old Kodak files for bankruptcy protection 01-20-2012 16:08 BJT Iconic photographic film pioneer, Eastman Kodak, has filed for Chapter 11 bankruptcy protection, as it seeks to boost its cash position and stay in business. The move comes as the ailing company has failed to find a buyer for its trove of 1100 digital imaging patents. The company and its board indicated that the bankruptcy filing is "a necessary step and the right thing to do for the future of Kodak". The company also said that it has secured 950 million U.S. dollars in financing from Citigroup and expects to be able to operate its business during bankruptcy reorganization and pay employees. Meanwhile, Kodak expects to complete its U.S.-based restructuring during 2013. The 130-year-old company invented the hand-held camera, and captured the first pictures of the moon. Related stories Kodak files for bankruptcy, secures $950m lifeline 2012-01-19 Kodak files for bankruptcy 2012-01-19 CCTV-News / CNTV