The belief that camera and print firm, Kodak, would file for Chapter 11 bankruptcy has been lingering for a while now, however, as of January 19th, the firm officially announced that filing has taken place.
Kodak's hope is that it can use this life-line to restructure itself and "emerge a lean, world-class digital imaging and materials science company," stated chairman and CEO, Antonio Perez. Prior to filing for bankruptcy, the firm also launched several law suits against the likes of Apple, Samsung and HTC, in an attempt to monetize non-core IP assets and looks likely to continue with these legal cases throughout the restructuring.
Kodak has been granted £615 million of debtor-in-possession financing, providing the firm with the necessary but strictly controlled liquidity it requires to make its dreams of revival, with a target of 2013, come true. You can find more details of Kodak's plans and continued consumer support on the specially created website, kodaktransforms.com.