Eastman Kodak to file for bankruptcy

The company is in talks with its lenders about the US$1bn funding that is needed to keep the company afloat. If it files for Chapter 11 bankruptcy protection, the company would be able to continue functioning while it attempts to sell the 1100 patents it currently owns.

The Wall Street Journal says that Kodak's failure to act on consumer trends contributed to its failure. Kodak claims to have invented the digital camera in 1975 - which it did - but failed to release it fearing that its inventions would be cannibalised by competitors.

For more:

• Mashable Business: Kodak set to declare bankruptsy

• KODAK: Homepage