U.S. based Eastman Kodak is preparing to file bankruptcy within weeks according to WSJ. The Company is terrible struggling to raise cash which it needs to stay afloat and to transition into the printing business this year. In recent weeks and months Kodak began shopping around 1,100 digital-imaging patents that financial analysts think might fetch $2 billion to $3 billion. Shares of Kodak fell in large amounts, Kodak shares nearly fell 28 percent to 47 cents on the New York Stock Exchange following the online report.
U.S New York Stock Exchange has already warned Kodak that if they could not turn things around with next six months Kodak would be delisted. Kodak shares have been closing under $1 for 30 trading days. Kodak is now planning to selling commercial and consumer printers. Kodak is said to be currently in talks with potential lenders to secure about $1 billion in debtor-in possession financing to sustain Kodak through bankruptcy proceedings, WSJ reported.