Kodak files for bankruptcy protection

According to Press Association reports earlier today, Eastman Kodak has filled for chapter 11 bankruptcy protection as it seeks to bolster its finances and stay in business. According to the report, Kodak say it has secured 950 million US dollars in financing from Citigroup during the inevitable reorganization period. Kodak has struggled during the changeover from film to digital and despite some encouraging signs earlier in the year, the Rochester, New York based company has seen its share price plummet over the last quarter.