Eastman Kodak, the 131-year-old photography pioneer and once the hottest tech firm on the planet, is reportedly preparing to file for bankruptcy in the coming weeks.
The company is making a last-ditch effort to sell patents in order to stay out of bankruptcy court, according to The Wall Street Journal.
If sale plans fall through, the firm is preparing a chapter 11 bankruptcy, which would protect it from creditors while it reorganises its business. The New York Stock Exchange has warned it could be de-listed unless its fortunes rebound in the next six months. Kodak once sold 90% of the world’s film but started to struggle from the 1980s as foreign competitors gained market share, and photography entered the digital age.