Eastman Kodak said today it has received approval to move forward with its Chapter 11 bankruptcy filing.
The agreement grants the company $950 million in debtor-in-possession financing from Citigroup that will allow the company to continue operations as it restructures.
Kodak has struggled to find its footing since the 1990s when digital photography began gaining major consumer momentum. The company, which has been around for more than 130 years, hasn't had a profitable year since 2007. In recent years, the company has turned to licensing its camera technology, or suing companies that haven't agreed to pay up. It'… Read more