Eastman Kodak is reportedly preparing to file for bankruptcy protection(Chapter 11 Filing) from its creditors in case it is unable to sell its digital patents to raise cash.
The once-iconic photographic film pioneer’s cash reserves are dwindling and it has been looking for a buyer for its 1,100 digital patents since July 2011.
Kodak shares fell about 28 percent.A spokesman for Kodak declined to comment, saying it has a policy on not commenting on market rumours or speculation.
Kodak invented the digital camera in 1975 but it failed to capitalise on that innovation, and it was only when Kodak’s film business began to decline a decade ago that it tried to catch up with rivals by launching a mass-market line of digital cameras.
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