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Kodak files for bankruptcy

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After missing the digital transition, it's not surprising but still. As someone who grew up with Kodak film, this is a big deal. Everyone that I ever met who worked there loved working there, which is not something you hear every day. It's been a sad decline for a once great company that was greatly mismanaged into irrelevance.

Eastman Kodak Co, which invented the hand-held camera and helped bring the world the first pictures from the moon, has filed for bankruptcy protection, capping a prolonged plunge for one of America's best-known companies. The more than 130-year-old 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 loan and bankruptcy protection from U.S. trade creditors may give Kodak the time it needs to find buyers for some of its 1,100 digital patents, the key to its remaining value, and to reshape its business while continuing to pay its 17,000 workers.

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