3 Oct 2011

Bankruptcy plan denied by Kodak

10:06 am on 3 October 2011

Eastman Kodak denies that it plans to file for bankruptcy protection, even though it has hired Jones Day, a law firm well-known for handling bankruptcy protection cases.

Kodak said it was "not unusual for a company in transformation to explore all options".

Shares in the company fell by 54% on Friday as fears persist about its future.

Kodak, synonymous with film photography for more than 100 years, has struggled to adapt to the digital age. It has not made a profit since 2007.

Last week it announced plans to borrow $US160 million for "general corporate purposes".

The BBC reports Kodak is continuing to explore a sale of its digital imaging patents, worth an estimated $US2 billion.