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Kodak Files for Chapter 11 Bankruptcy

The company filed the documents just after midnight in U.S. Bankruptcy court
    Rochester-based film giant Kodak has filed for Chapter 11 Bankruptcy.
    The company filed the documents just after midnight in U.S. Bankruptcy court - Southern District of New York, just a week before Kodak was due to release it's 4th quarter results.
    Kodak says the move will help ensure its future as a quote "profitable and sustainable enterprise".
    Here's the plan Kodak has laid out going forward-
    They have a new Chief Restructuring Officer to help the company navigate through the filing.
    Dominic DiNapoli of FTI Consulting will take the job.
    The company also secured $950 million from Citigroup to help keep it afloat.
    The lead up to this day has put a lot of strain on Kodak workers and retirees.
    Many of them are worrying about what this will mean for their jobs and retirement benefits.
    On its just launched restructuring website, Kodak says it will continue to provide employees with their usual wages and benefits.
    It says the filing should not disrupt obligations to suppliers and it will continue customer programs.
    The company says it will honor its obligations and will continue its customer program.

Kodak has created a website with more information about the bankruptcy. Here's the Kodak restructuring website. CLICK HERE
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