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19/01/2012

Kodak File For Bankruptcy Protection

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Kodak, the company that invented the hand-held camera and helped bring back some of the first pictures from the moon, has filed for bankruptcy protection.
The US-based company has made the move in a bid to gain more time to restructure and deal with creditors.
They claim that it will be "business as normal" for their customers. Kodak expects to pay employee wages and benefits and continue customer programs.
It is understood that the firm has struggled to keep up with its competitors in the new digital era.
The 133-year-old firm recently tried to restructure to become a seller of consumer products like cameras and it also obtained a $950 million, 18-month credit facility from Citigroup to keep it going.
The loan and bankruptcy protection from US trade creditors it is hoped will give Kodak the time it needs to find buyers for some of its 1,100 digital patents, the key to its remaining value, and to reshape its business while continuing to pay its 17,000 workers.
(LB/DW)
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