Eastman Kodak Company filed for Chapter 11 bankruptcy protection in New York early Thursday.
Kodak listed total assets of $5.1 billion and debts of $6.75 billion in the filing in the southern district of New York.
The company's shares, which had already dropped more than 90% in the past year, fell further this month after the Wall Street Journal reported that the company was preparing for a bankruptcy filing in case an attempt to sell a number of digital patents failed.
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The company which gave the concept of photography will cease to exist.This raises an important topic of whether technology and tradition can go hand in hand with technical innovations flying faster than the speed of light it has become difficult for even humans to keep up pace with it.No doubt a company of the caliber of Kodak has given up.I remember the old negatives and the Kodak cameras that we used to have.Some of the best memories of my life are inked in Kodak.
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