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Kodak said to be preparing for bankruptcy

Jan. 4, 2012 at 8:45 PM   |   Comments

ROCHESTER, N.Y., Jan. 4 (UPI) -- Former blue-chip company Eastman Kodak Co, the pride of Rochester, N.Y., is preparing to file for bankruptcy protection, sources told The Wall Street Journal.

The firm has been attempting to auction its vast trove of patents, but has had little luck as rumors of a pending bankruptcy persisted through the second half of 2011, the newspaper said.

The company would file for debtor-in-possession bankruptcy, which would keep operations going while in bankruptcy. Presumably, it would auction its patents off in a court-regulated process, should that be the case, the Journal said.

Moreover, Kodak has been trying to transition away from the film business to the printer business, as the film era is fading, displaced by the age of digital equipment.

The company, now 131 years old, employs 19,000. Once a blue-chip giant, Kodak said in a regulatory filing that it has been warned that if stock prices don't improve in six months, it could be delisted by the New York Stock Exchange.

Kodak, however, would not confirm it was preparing for a bankruptcy filing, saying it would not comment on speculation.

The company's stock has traded for under $1 for 30 consecutive trading days, the Journal said.

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