Eastman Kodak has filed for Chapter 11 bankruptcy protection in New York, as the struggling photography firm looks to try and restructure.
The ailing firm confirmed that it has secured $950m in financing from Citigroup, which it says will enable it to continue operating the business as usual. The company added that subsidiaries outside the US are not subject to proceedings and all commitments to employees and customers will be fulfilled.
Antonio Perez, chairman and chief executive, said that the board of directors and senior management team "unanimously believe that this is a necessary step and the right thing to do for the future of Kodak".
"Now we must complete the transformation by further addressing our cost structure and effectively monetizing non-core IP assets. We look forward to working with our stakeholders to emerge a lean, world-class, digital imaging and materials science company," he added.
Kodak has been struggling over the past decade and decided to make what could be an ill-fated move from the photography market to printers and the ink business during 2005.
The firm was required to invest large amounts of cash to facilitate this change in strategy and despite cutting 47,000 jobs since 2003, it finds itself in a precarious position.
In a bid to try and generate more revenue, Kodak has also filed a lawsuit against Samsung, alleging infringement of five patents related to digital imaging technology.
The complaint was filed in US District Court for the Western District of New York and pinpoints Samsung tablets as the infringing products.
High-profile firms including LG, Motorola and Nokia already pay licensing fees to Kodak. However, it remains to be seen whether it will sell off some of these patents as part of the restructuring process.
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