Kodak Said in Talks with Citigroup on Bankruptcy Financing

Eastman Kodak is in advanced talks with Citigroup Inc. to provide bankruptcy financing as the unprofitable imaging company prepares for a potential filing, said three people familiar with the matter. The stock plunged. Kodak fell 25 percent to 50 cents at 9:42 a.m. New York time, after dropping as much as 30 percent.

Kodak may seek protection from creditors within weeks and then hold an auction to sell its patent portfolio, said the people, who asked not to be identified because the talks are private. Kodak may seek about $1 billion in so-called debtor-in- possession financing, though terms may change,