January 19, 2012 / 5:50 AM / 8 years ago

UPDATE 1-Kodak files for bankruptcy, plans business overhaul

Jan 19 (Reuters) - Eastman Kodak Co filed for bankruptcy on Thursday in a bid to survive a liquidity crisis after years of falling sales related to the decline of its namesake film business.

The once-iconic photographic film pioneer, which had tried to restructure to become a seller of consumer products like cameras, said it had also obtained a $950 million, 18-month credit facility from Citigroup to keep it going.

“The board of directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak,” Chairman and Chief Executive Antonio M. Perez said in a statement.

Kodak said that it and its U.S. subsidiaries had filed for Chapter 11 business reorganization in the U.S. Bankruptcy Court for the Southern District of New York. Non-U.S. subsidiaries were not covered by the filing, it added.

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