Eastman Kodak, the company that invented the hand-held camera, has filed for bankruptcy protection. According to the company it had already arranged a $950m (£615m) credit facility from Citigroup. In 2004 Kodak fell out of the Dow Jones Industrial Average of 30 top US companies.
The shift to seek out bankruptcy security comes after Kodak abortive to vend its catalogue of digital imaging patents last time. At the time, Kodak warned that it would run out of money if it did not find a buyer by the ending of 2011. Announcing the move to seek insolvency defense, according to Antonio M Perez, Kodak's chairman and chief executive, the board of directors and the whole senior organization team generally believe that this is an essential step and the accurate thing to do for the future of Kodak.