Kodak files for bankruptcy protection

Kodak and it's U.S. subsidiaries filed voluntary petitions for chapter 11 business reorganization in the U.S. Bankruptcy Court for the Southern District of New York. ”The business reorganization is intended 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,” a press release from the company states. The company said it has secured $950 million in financing from Citigroup Inc. to help during bankruptcy proceedings and it expects to pay employee wages and benefits and continue customer programs. “After considering the advantages of chapter 11 at this time, 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,” said Antonio M. Perez, Chairman and Chief Executive Officer . “Our goal is to maximize value for stakeholders, including our employees, retirees, creditors, and pension trustees. We are also committed to working with our valued customers”. The company has appointed Dominic DiNapoli, Vice Chairman of FTI Consulting, as Chief Restructuring Officer toduring the chapter 11 case.