Kodak Files for Reorganizational Bankruptcy

“Now we must complete the transformation by further addressing our cost structure and effectively monetizing non-core IP assets. We look forward to working with our stakeholders to emerge a lean, world-class, digital imaging and materials science company.

“After considering the advantages of Chapter 11 at this time, 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,” Perez continued. “Our goal is to maximize value for stakeholders, including our employees, retirees, creditors and pension trustees. We are also committed to working with our valued customers.