Kodak Files For Bankruptcy

Source: Aaron Smith and Hibah Yousuf / CNN Money

NEW YORK – Eastman Kodak, the once mighty icon of the photography industry, filed for Chapter 11 bankruptcy protection Thursday.

Kodak’s (EK, Fortune 500) stock plunged 35% at the start of trading. The New York Stock Exchange suspended trading within a few minutes after the opening bell.

The company said it has obtained $950 million in financing from Citibank to maintain operations. The company said the credit facility is still subject to court approval.

Kodak said it has enough liquidity to continue operating during the bankruptcy process.
Kodak acknowledged, in its Chapter 11 filing, that it had more than 100,000 creditors, with debts totaling $6.75 billion.

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