Eastman Kodak filed for Chapter 11 bankruptcy protection in January 2012.
Kodak had been one of the world’s best-known photography companies, but digital imaging sharply reduced demand for photographic film and paper. The company reported billions of dollars in assets and liabilities when it entered bankruptcy.
Kodak had helped develop digital-camera technology, yet it struggled to replace its highly profitable film business. Its bankruptcy restructuring focused on selling patents, leaving some businesses and emerging as a smaller company.
The filing is sometimes confused with Polaroid’s bankruptcy proceedings. Kodak did not disappear completely: it exited Chapter 11 in September 2013 and continued operating in commercial printing, imaging and related markets.