The 130-year-old photographic film pioneer, which had tried to restructure to become a seller of consumer products like cameras, said that it had also acquired a $950 million, 18-month credit facility from Citigroup to keep it going.
Chairman and Chief Executive Antonio M. Perez said in a statement that “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.”
Kodak once dominated its industry, and its film was the subject of a well-liked Paul Simon song, but it failed to swiftly hold more modern technologies like the digital camera paradoxically, a product it even invented.
Its downfall has already struck its Rust Belt hometown of Rochester, New York, with employment there falling to concern 7,000 from over 60,000 in Kodak’s halcyon days.
In current years, Chief Executive Perez has steered Kodak’s focus more toward consumer and commercial printers.
However, that failed to reinstate annual profitability, something Kodak has not seen since 2007, or arrest a cash conduit that has made it difficult for Kodak to meet its significant pension and other benefits requirements to its workers and retirees.