Eastman Kodak Co. filed for Chapter 11 bankruptcy protection in New York early Thursday morning, after the struggling photography icon ran short on cash needed to fund a long-sputtering turnaround.
The storied former blue chip said it had secured $950 million in financing from Citigroup Inc. to help keep it afloat during bankruptcy proceedings. The company also named Dominic Di Napoli, a vice chairman at FTI Consulting Inc., as its chief restructuring officer to help steer the company through bankruptcy court.
The 131-year-old company struggled for decades to cope with the emergence of competitors in its film business. Check more of the story here