Eastman Kodak Hires Law Firm After Credit Rating is Lowered; No Plans for Filing Bankruptcy

Eastman Kodak Co. has hired Jones Day - a leading law farm in the country for restructuring advice amidst growing fears amongst investors over its turnaround chances.

The company still maintains that it has no plans of filing for bankruptcy protection.

The move highlights how the company is trying desperately to make sure that it eventually gets over current financial troubles and makes a strong comeback into the market.

The 131-year old company’s shares went through a steady decline last week following its announcement that it had withdrawn $160 million from a credit line.

“That drawdown heightened concerns about the company's cash flow and triggered downgrades of its credit rating. On Friday, Kodak's bonds plunged and its shares fell 54%, or 91 cents, to 78 cents,” according to a Wall Street journal report.

Kodak issued a press release confirming that it had hired Jones Day as the company was "committed to meeting all of its obligations and has no intention of filing for bankruptcy." The company further claimed that it was exploring all available options.