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.
