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Kodak Files for Bankruptcy

The New York Times reported that Eastman Kodak (NYSE:EK) filed for bankruptcy protection on early Thursday.

The business reorganization is intended to strengthen liquidity in the U.S. and abroad, monetize non-strategic intellectual property, fairly resolve legacy liabilities, and enable the company to focus on its most valuable business lines.

In the court filing, Kodak’s chief financial officer, Antoinette P. McCorvey said, “Since 2008, despite Kodak’s best efforts, restructuring costs and recessionary forces have continued to negatively impact the company’s liquidity position. “