In reference to US bankruptcy proceedings, company CEO Antonio Perez said, "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."
"Our goal is to maximise value for stakeholders, including our employees, retirees, creditors, and pension trustees. We are also committed to working with our valued customers," he added.
Earlier, in 2003, due to massive financial crisis, the company had laid off more than 47,000 employees and closed 13 manufacturing plants.
Sources said that company is planning to work with their esteem stakeholders to emerge as a lean, world-class, digital imaging and materials science company.
Meanwhile, the bankruptcy filing places the jobs of Kodak's 19,000 remaining employees in question. The voluntary petitions for Chapter 11 business reorganization were filed in the U.S. Bankruptcy Court for the Southern District of New York.
"Chapter 11 gives us the best opportunities to maximize the value in two critical parts of our technology portfolio: our digital capture patents ... and our breakthrough printing and deposition technologies, which give Kodak a competitive advantage in our growing digital businesses," the company said in a statement.