(Bloomberg News) Eastman Kodak Co., the photography pioneer that introduced the Brownie Camera more than a century ago, filed for bankruptcy after consumers embraced digital cameras, a technology Kodak invented and failed to commercialize.

The Rochester, New York-based company, which traces its roots to 1880, listed assets of $5.1 billion and debt of $6.8 billion in Chapter 11 documents filed in U.S. Bankruptcy Court in Manhattan.

"They were a company stuck in time," said Robert Burley, an associate professor at Toronto's Ryerson University who has photographed shuttered Kodak facilities in the U.S., Canada and France since 2005. "Their history was so important to them, this rich century-old history when they made a lot of amazing things and a lot of money along the way. Now their history has become a liability."

The company's credit deteriorated as revenue tumbled from traditional film, and the inventor of the Instamatic cameras was slow during the past decade to compete with Canon Inc. and Hewlett-Packard Co. in digital cameras and printers.

Moody's Investors Service on Jan. 5 cut ratings on about $1 billion of Kodak debt with a negative outlook, citing "a heightened probability of a bankruptcy over the near-term."

NYSE Regulation Inc. today said it would suspend trading of Kodak stock after determining the company is "no longer suitable for listing," according to a statement.

Citigroup Loan

Citigroup Inc. agreed to provide a $950 million debtor-in-possession loan to help Kodak operate during bankruptcy, the photo company said today in a statement. The loan must be approved by a bankruptcy judge.

"Kodak is taking a significant step toward enabling our enterprise to complete its transformation," Antonio M. Perez, chief executive officer, said in the statement.

The company plans to sell "significant assets" during the bankruptcy, Chief Financial Officer Antoinette McCorvey said in a court filing. She didn't elaborate.

"The announcement that Kodak is filing for bankruptcy is difficult and disappointing news for the city and people of Rochester," New York Governor Andrew Cuomo said in a statement. "This is a time for all of us at all levels of government to come together and work with the private sector to support Rochester's growth," Cuomo said.

First « 1 2 3 4 » Next