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Report: Kodak prepares for Chapter 11 filing

Chris Hondros / Getty Images

A saleswoman holds a box of Kodachrome film June 22, 2009 in an electronics shop in lower Manhattan in New York City. According to reports on January 4, 2012, if the Eastman Kodak Co. is preparing to file for Chapter 11 bankruptcy-protection if it is unable to sell a cache of digital patents.

Those photojournalists among us who cut our teeth on Kodak film feel a pang of sadness every time Kodak makes the news in recent years. And the file photo from the late Chris Hondros reminds us how many great photographers preferred Kodachrome.

Reuters reports: Eastman Kodak is preparing a Chapter 11 bankruptcy protection filing in case it is unable to sell its digital patents to raise capital, The Wall Street Journal reported on Wednesday.

The once-iconic photographic film pioneer is in talks with potential lenders to secure about $1 billion in debtor-in possession financing to sustain Kodak through bankruptcy proceedings, the Journal reported citing unidentified sources.

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Speculation that Kodak may be preparing for bankruptcy are sending its shares down more than 30% today, with Porter Bibb, Media Tech Capital Partners, and David Kudla, Mainstay Capital Mgmt.