In a letter to customers announcing the bankruptcy decision, chairman and chief executive officer Antonio Perez said the board of directors and the entire senior management team unanimously believe that filing for bankruptcy was a "necessary step and the right thing to do for the future of Kodak."
"We look for ward to working with our stakeholders to emerge a lean, world-class, digital imaging and materials science company," he said. According to the company, only Kodak and its US subsidiaries are part of the reorganization and Kodak will continue to serve all customers around the world during the process.
"Chapter 11 does not mean Kodak is going out of business," said Perez. "We are taking this step at this point in our transformation in order to build the strongest foundation possible for the Kodak of the future -- and emerge from the reorganization as a vibrant enterprise that will be an even better par tner for our customers and other stakeholders."
Kodak is preparing for the last fight, trying to bring the 131-year-old company back to life. Since registered in 1888 in New York by inventor George Eastman, Kodak has been a household name for generations around the world as it made photography accessible for the mass with the invention of handheld cameras. For decades, the company enjoyed a virtual monopoly on film, which provided high margins and a steady cash flow.