After 133 years of existence, Kodak, the first company to produce the compact photo camera, is now under the protection of the bankruptcy laws, hoping to come around to revitalize the company.
Kodak’s revolutionary inventions did not made the company successful, who focused lately on manufacturing printers.
Under the protection of the bankruptcy laws Kodak will try to recover. The company already contacted a 950 million dollars credit from Citygroup.
The decrease of Kodak shares is a threat to the company’s listing on the New York stock market. The company will no longer be listed on the stock market if the share prices doesn’t go over 1 dollar soon.
The 19,000 Kodak employees might be affected by the legal proceedings. Their numbers continues to decrease ever since the 80′s and in the last nine years Kodak closed 12 factories.