Kodak Nears Bankruptcy

Is Kodak about to go the way of Polaroid? Investors certainly worried that could be the case, as Eastman Kodak Co. lost two-thirds of its value Friday on fears that the company would file for bankruptcy after hiring a restructuring firm. The photography company, which produced the first consumer camera in 1888, denied that it would file for bankruptcy despite hiring Jones Day, an advisory restructuring firm. Kodak has not made a profit since 2007, as the company has had a hard time transitioning into the digital-camera business. Kodak lost 57 percent of its value this week, starting off at a 38-year low on Monday and eventually losing 68 percent of its value Friday before slightly recovering to being down only 54 percent. The company’s board said it is not considering replacing CEO Antonio Perez.