Struggling photography company Eastman Kodak announced this evening that it has filed for Chapter 11 bankruptcy protection.
The company, which hopes to emerge from bankruptcy in 2013, said it has secured $950 million in debtor-in-possession financing from Citigroup that will allow it to keep operating during restructuring. The company has also appointed Dominic DiNapoli, a vice chairman at FTI Consulting, as its chief restructuring officer. The firm has been advising Kodak on its finances since last year.
DiNapoli will have broad powers over the company's finances and operations as it looks for ways to raise funding to keep the … Read more