Eastman Kodak (EK) Shares Sink as Bankruptcy Chatter Heats Up
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Shares of Eastman Kodak (NYSE: EK) are getting pummeled Wednesday following word the company might be prepping for bankruptcy.
According to the WSJ, if Eastman Kodak cannot find buyers for a massive block of digital patents, the company might seek protection under Chapter 11 of the U.S. bankruptcy code. Eastman Kodak is currently looking to gain about $1 billion of debtor-in-possession financing which would keep the company above water while it moves through bankruptcy proceedings.
The company currently holds about 1,100 patents -- assets which could raise a few billion.
Pending such a sale, however, a bankruptcy filing could came as soon as January of February, sources said.
Shares are down more than 28 percent to $0.47 at last check.
According to the WSJ, if Eastman Kodak cannot find buyers for a massive block of digital patents, the company might seek protection under Chapter 11 of the U.S. bankruptcy code. Eastman Kodak is currently looking to gain about $1 billion of debtor-in-possession financing which would keep the company above water while it moves through bankruptcy proceedings.
The company currently holds about 1,100 patents -- assets which could raise a few billion.
Pending such a sale, however, a bankruptcy filing could came as soon as January of February, sources said.
Shares are down more than 28 percent to $0.47 at last check.
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