Arab Today, arab today kodak denies it plans to file for bankruptcy
Last Updated : GMT 06:54:09
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Kodak denies it plans to file for bankruptcy

Arab Today, arab today

Arab Today, arab today Kodak denies it plans to file for bankruptcy

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Eastman Kodak has said it has \"no intention of filing for bankruptcy\". The struggling US camera and printing group\'s comments came after it confirmed it had hired a law firm well-known for handling bankruptcy protection cases, Jones Day. Kodak said it was \"not unusual for a company in transformation to explore all options\". Shares in the firm fell 54% on Friday as fears persist about its future. It has not made a profit since 2007. Kodak, synonymous with film photography for more than 100 years, has struggled to adapt to the digital age. Last week it announced plans to borrow $160m (£103m) for \"general corporate purposes\". Kodak is now continuing to explore a sale of its digital imaging patents, worth an estimated $2bn. Mark Kaufman, an analyst at Rafferty Capital Markets, said: \"I don\'t believe bankruptcy is inevitable. \"This is a pretty valuable portfolio, they should get a good price. \"They need to get this [sale] out of the way. They need to sell this portfolio, raise some type of cash.\" The company currently has a market value of $210m. This compares with $31bn at its height in February 1997.

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