Kodak Files Chapter 11 Bankruptcy

    People visit the Kodak display at the International Consumer Electronics Show (CES) in Las Vegas, Nevada, on January 11, 2012. The US photography giant Eastman Kodak, fighting to keep bankruptcy at bay, announced this week  a major restructuring to speed up its transformation into a digital company. The host of CES, the Consumer Electronics Association, has forecast worldwide spending on consumer electronics to surpass $1 trillion this year for the first time with smartphones and tablet computers leading the way. AFP PHOTO / Frederic J. BROWN (Photo credit should read FREDERIC J. BROWN/AFP/Getty Images)

    Frederic J. Brown, AFP / Getty Images

    Eastman Kodak filed for Chapter 11 bankruptcy protection Friday, following a long slide for the 131-year-old inventor of the handheld camera. Kodak has seen revenue halved since 2005 as it has struggled to cope with new digital technologies. In a last-ditch effort to stay solvent, the company tried to break into the digital printer market, but with little success. As part of the bankruptcy, Kodak secured a $950 million credit lifeline to keep it going for 18 months while it tries to sell off its 1,100 digital patents.

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