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WSJ: Kodak preparing to file for bankruptcy in the next few weeks

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he Wall Street Journal is reporting the company plans to file for Chapter 11 bankruptcy protection in the next few weeks if its efforts to sell off a wide variety of digital patents doesn't pay off.

Kodak camera FLICKR
Kodak camera FLICKR

It sounds like Kodak's long, slow decline is about to end in bankruptcy: The Wall Street Journal is reporting the company plans to file for Chapter 11 bankruptcy protection in the next few weeks if its efforts to sell off a wide variety of digital patents fail to pay off. This comes after a November securities filing warning that Kodak would soon run out of money unless its patents were sold off or it found a loan; more recently the New York Stock Exchange said that Kodak could be delisted unless its stock (which has been trading for less than one dollar for the last month) rebounded in the next six months. Even if the company does file for bankruptcy, its patents will be sold off in a court-supervised auction, while the company will be able to pay bills and continue to operate — hopefully this includes keeping its workforce of 19,000 employees.