Struggling photo pioneer Eastman Kodak Co. said Monday that it has reached an agreement to borrow $793 million, an important step in letting it leave bankruptcy protection in the first half of next year.
An auction hearing had been scheduled in August for Eastman Kodak Co. to sell more than 1,000 patents as it tries to emerge from bankruptcy protection. The auction kept getting postponed as talks with potential buyers continued.
Eastman Kodak Co. said Thursday that it will stop making digital cameras, pocket video cameras and digital picture frames, marking the end of an era for the company that brought photography to the masses more than a century ago.
Kodak filed for Chapter 11 bankruptcy protection on Thursday, raising the specter that the 132-year-old trailblazer could become the most storied casualty of a digital age that has whipped up a maelstrom of economic, social and technological change.
Eastman Kodak Co. said Tuesday that it is realigning and simplifying its business to cut costs, accelerate its digital transformation and boost its share price. The shares shot up 50 percent but remained at just 60 cents.