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.