Ailing Icon

Jan 20, 20120 (Asia Pulse) – Photography icon Eastman Kodak has filed for Chapter 11 bankruptcy protection, as it seeks to boost its cash position and stay in business. The move comes as the ailing company has failed to find a buyer for its trove of 1100 digital imaging patents. Kodak said in November that it could run out of cash in a year if it didn’t sell the patents, for which it hoped to fetch billions.

The company was a photographic icon that invented the hand-held camera and helped bring the world the first pictures from the moon.