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Kodak prepares for Chapter 11 filing: report

Kodak

Eastman Kodak is preparing a Chapter 11 bankruptcy protection filing in case it is unable to sell its digital patents to raise capital, The Wall Street Journal reported on Wednesday. The once-iconic photographic film pioneer is in talks with potential lenders to secure about $1 billion in debtor-in possession financing to sustain Kodak through bankruptcy proceedings, the Journal reported, citing unidentified sources.

Senh: The irony: Kodak invented the digital camera as early as 1975, but couldn't capitalize on it. Now, they're playing catch-up with rivals selling digital cameras.

 

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