by ‘Ifreke Inyang

Foremost photography company, Kodak, just announced that it has filed for bankruptcy. The company said it voluntarily filed for Chapter 11 reorganization in New York, in order to “bolster 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.”

The chairman and chief executive, Antonio M Perez said, “The board of directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak.”

Kodak has obtained $950 million in debtor-in-possession credit so it can keep operating while it formally goes bankrupt. The company has also said they will keep paying employees, serving customers and honoring obligations in the meanwhile.