Kodak bankrupt

As expected the famous camera manufacturer Eastman Kodak has filed for bankruptcy protection as their products have been superseded by the digital age - which is very ironic when you consider that they invented the first digital camera but refused to capitalise on it as it would have cannibalised their revenues from sales of traditional camera film.

Under US law the Chapter 11 bankruptcy protection they have filed for allows them to continue to trade and to reorganise the company to attempt to make a success as a going concern from here on in with USD$950m of financing secured for them to operate for the next 18 months - but it's clear they're going to need a huge refocusing of their business if they are going to succeed.

Subsidiaries are not affected by the filing and staff will continue to be paid while the company is reorganised.