An iconic U.S. company that was once one of the biggest corporations in America is teetering on the brink of bankruptcy, reports The Wall Street Journal.
The company is 131-year-old Eastman Kodak, which is struggling to avoid Chapter 11. It would take about $1 billion in financing to rescue the company, according to some experts.
If the financing fails, Kodak could file for bankruptcy as soon as February.
Kodak’s spokesman dodged questions from WSJ, saying, "[The company] does not comment on market rumors or speculation."
Kodak has been the leading film company for years. It was a giant in research and development, but struggled with foreign competitors that captured market share in film starting in the 1980s.
With the advent of digital photography and smartphones, Kodak has been unable to find its niche.
Ironically, the story notes, Kodak actually invented the digital camera–back in 1975–but was never able to exploit it as well as companies such as Canon, Olympus and Sony.