Report: Kodak May File For Bankruptcy
Shares of Eastman Kodak Co. tumbled to a new all-time low following a report that the ailing photography pioneer might be preparing to file for bankruptcy protection.
The Wall Street Journal, quoting unidentified people familiar with the matter, said Wednesday that Kodak is preparing for a Chapter 11 filing "in the coming weeks" should efforts to sell a trove of digital-imaging patents fall through.
A Kodak spokesman said the company does not comment on rumor or speculation.
Kodak was warned by the New York Stock Exchange this week that its stock will be delisted if the price remains below $1 per share for the next six months, the ailing photography company said Tuesday.
Its stock plunged 17 cents, or 26.3 percent, to 48 cents in afternoon trading.
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