Camera giant Kodak files for bankruptcy protection
Thursday 19th January 2012
Eastman Kodak, the pioneering and ever-present name in the world of photography, has filed for bankruptcy protection in the US.
Bankruptcy protection gives the company that invented the hand-held camera time to reorganise itself without having to face creditors.
Customers will not be affected.
The main problem the firm has faced has been adapting to digital technology.
Rivals have been quicker to make changes and, as a result, have taken over much of Kodak's market share.
Kodak chairman and chief executive Antonio M. Perez said: "The board of directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak."
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