Kodak bankruptcy?

The Kodak photographic products company is preparing to initiate the necessary procedures to request the protection of Article 11, ie the corresponding Article 99 in the U.S. and declare bankruptcy, said in yesterday's newspaper, the newspaper Wall Street Journal.
According to the report, the last hope to avoid bankruptcy, the company is to sell some patents digital technology available.
The Kodak company, founded in 1892, is in dire economic situation since the late 90s when he began to suffer due to the spread of digital cameras.
The attempt to go to market digital cameras and printers failed to bring the desired results and the recent emergence of smartphones hit even more business. The company employs 19,000 employees.
While Kodak has not managed to sell its patents will turn out to auction 1,100 of them under the bankruptcy plan, and - according to the report - to ensure the necessary funding to proceed, is in talks with banks such as JP Morgan, The Citigroup and Wells Fargo.