Kodak, Photography | featured news

Eastman Kodak Co. has filed a request with the district court overseeing its Chapter 11 bankruptcy asking for permission to pay around $13.5 million in bonuses to approximately 300 employees.

Eastman Kodak Co. said Thursday that it will stop making digital cameras, pocket video cameras and digital picture frames, marking the end of an era for the company that brought photography to the masses more than a century ago.

Eastman Kodak Co filed for bankruptcy on Thursday in a bid to survive a liquidity crisis after years of falling sales related to the decline of its namesake film business. The once-iconic photographic film pioneer, which had tried to restructure to become a seller of consumer products like cameras, said it had also obtained a $950 million, 18-month credit facility from Citigroup to keep it going.

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.

Eastman Kodak Co. has agreed to pay $21.4 million to settle legal action brought by black workers who claim the photography products maker paid and promoted them less than their white co-workers.