Kodak Files Chapter 11 Bankruptcy

Eastman Kodak filed for Chapter 11 bankruptcy protection Friday, following a long slide for the 131-year-old inventor of the handheld camera. Kodak has seen revenue halved since 2005 as it has struggled to cope with new digital technologies. In a last-ditch effort to stay solvent, the company tried to break into the digital printer market, but with little success. As part of the bankruptcy, Kodak secured a $950 million credit lifeline to keep it going for 18 months while it tries to sell off its 1,100 digital patents.