The Shadow
ROCHESTER, N.Y. (AP) – Shares of Eastman Kodak Co. are falling sharply amid renewed fears that the embattled photography pioneer is preparing to file for bankruptcy protection.
Citigroup Inc. and Kodak both decline to comment Friday on a Bloomberg report that the New York bank is in talks to provide Kodak bankruptcy financing.
Citing three unidentified people familiar with the negotiations, Bloomberg says Kodak may seek protection from creditors within weeks, then hold an auction to sell its digital-imaging patents, which analysts estimate could fetch at least $2 billion.
Worries about a bankruptcy protection filing surfaced in September after Kodak hired major restructuring law firm Jones Day as an adviser.
Shares are down 15 cents, or 23 percent, to 52 cents in afternoon trading. They touched a record low of 36 cents Jan. 5.
