Posted on Thursday, January 5th, 2012 at 7:23 pm
Kodak is expected to file for bankruptcy as soon as February as its shares continue to plummet and no one’s buying their 1,100 digital-imaging patents.
The 131 year-old photography company says it could run out of cash if they don’t sell their patents, valued at $2 billion to $3 billion. Kodak has been struggling since the rise of digital cameras, despite creating the first digital camera in 1975.
The company has focused making high speed inkjet printers rather than on digital cameras. Its shares fell 18 percent to 47 cents on Wednesday as rumors and concerns about its bankruptcy filing circulated. The New York Stock Exchange has warned Kodak that its shares will be delisted if they remain below $1 for six more months.
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