Kodak filed for Chapter 11 bankruptcy early Thursday morning, following weeks of speculation about its financial future.
The 131-year-old company said it had secured $950 million from Citigroup to continue operations during bankruptcy proceedings. Kodak also named FTI Consulting vice chairman Dominic Di Napoli as its chief restructuring officer.
Earlier this month, Gerard Meuchner, director of communications and public affairs at Kodak, left the company amidst swirling rumors about its financial health. The Wall Street Journal reported on January 5 that the company was preparing to seek bankruptcy protection.
Former Kodak CMO Jeffrey Hayzlett told PRWeek in early January that the company could recover from its crisis if it concentrated on its profitable products and embraced digital technology.
“Plenty of companies have declared bankruptcy and later emerged to become successful, such as Disney and Heinz, so it's definitely possible for [Kodak],” Hayzlett said.