6 Jan 2012

Kodak to file for bankruptcy - report

6:59 am on 6 January 2012

Eastman Kodak is preparing to file for bankruptcy in the coming weeks, according to the Wall Street Journal.

The Journal says the photography company is seeking around $US1 billion in financing to keep it afloat.

Eastman Kodak has been in business for 131 years. It is trying to sell around 1100 patents through a bankruptcy auction.

A Kodak spokesman told the ABC that the company does not comment on market rumours or speculation.

Kodak shares plunged 28% on the report on Thursday.