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.
LG Electronics Inc <066570.KS> introduced on Monday its first tablet with a high-resolution screen, joining global rivals trying to take on ...