Kodak Receives Court Approval to File For Bankruptcy
Ink brand Kodak said yesterday that it has received approval to continue its Chapter 11 bankruptcy filing.
The filing will grant Kodak $950 million in financing from Citigroup that will allow the company to continue operations as it restructures.
Kodak has been on hard times since digital photography and printing became more popular. Kodak, which has been around for more than 130 years, hasn't had a profitable year since 2007.
If the bankruptcy filing is completed, Kodak will be able to regroup and emerge within the next few years.
Posted by Fred Bugenhalgen.