After years of poor market performance and an inability to adjust to the ever changing photography landscape, Eastman Kodak has finally filed for bankruptcy protection.
Ironically, Eastman Kodak became a household name from the beginning, which was approximately 130 years ago, and is responsible for bringing photography to the masses.
Kodak has stated that it, alongside all its US subsidiaries, filed for the Chapter 11 business reorganisation in New York's US Bankruptcy Court. However, non US subsidiaries were not included in the filing.
It also announced that Citigroup has granted the company a $950 million loan which should help keep the company going.
"The board of directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak," said Antonio Perez, the chairman and chief executive of Kodak, according to a Vancouver sun report.
"Our goal is to maximise value for stakeholders, including our employees, retirees, creditors, and pension trustees. We are also committed to working with our valued customers," he added.