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September 30, 2020

Kodak files for bankruptcy protection

Kodak has filed for bankruptcy in a bid to survive a liquidity crisis after years of falling sales related to the decline of its namesake film business as digital cameras have taken over the market. Kodak and its US subsidiaries had filed for Chapter 11 business reorganisation in the US bankruptcy court for the southern district of New York, the company said in a press release posted on its website. Eastman Kodak Co, the photographic film pioneer, which had tried to restructure to become a seller of consumer products like cameras, said it had also obtained a USD 950 M, 18-month credit facility from Citigroup to keep it going. Non-US subsidiaries were not covered by the filing. Kodak had been under pressure ever since September when it drew cash from a credit line, tipping investors off to liquidity issues.

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