Rochester, N.Y. - Kodak is preparing a Chapter 11 bankruptcy filing, according to the Wall Street Journal. The newspaper cites sources saying the company could file in the coming weeks if it cannot sell its patents.
Kodak has been seeking a sale of its digital imaging patents, estimated to be worth $1 billion. It has also been seeking up to $1 billion in financing, but has reportedly been unable to secure the amount of cash it needs.
In its last earnings statement, Kodak said it does not have enough cash on hand to get through 2012 without the patent sale or an infusion of financing.
Kodak's transition from film to digital has been painful, as the company has sold off operations and lost tens of millions of dollars a month. Kodak has demolished and repurposed factories at Eastman Business Park. It has not turned a profit in several years.
