Kodak files for bankruptcy, plans biz overhaul

Eastman Kodak Co filed for bankruptcy on Thursday in a bid to survive a liquidity crisis after years of falling sales related to the decline of its namesake film business.

The once-iconic photographic film pioneer, which had tried to restructure to become a seller of consumer products like cameras, said it had also obtained a $950 million, 18-month credit facility from Citigroup to keep it going.

"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," Chairman and Chief Executive Antonio M. Perez said in a statement.

Kodak said that it and its US subsidiaries had filed for Chapter 11 business reorganization in the US Bankruptcy Court for the Southern District of New York. Non-US subsidiaries were not covered by the filing, it added.