Eastman Kodak warns it must raise $US500 million in new debt to survive the next 12 months.
The photography company has reported widening losses, falling sales and its share price has fallen 80% so far this year.
Kodak's cash balance at the end of September totalled $US862 million after it ran up an operating loss of $US222 million over the preceding three months.
Experts said Kodak took too long to move from its traditional film business into digital cameras.
The BBC reports the company says that its inkjet printer and inks unit is performing well. Third quarter sales were 44% higher than the previous year.
Speculation that Kodak was on the verge of filing for bankruptcy flared at the end of September after the company hired Jones Day, a restructuring specialist.
Kodak has denied it plans to file for bankruptcy.
Investment Partners fund manager Gregg Abella says Kodak is at crisis point.