The Wall Street Journal reported the 131-year-old company is getting ready a Chapter 11 bankruptcy protection filing after years struggling to cope with the changing photography market.
Kodak refused to confirm the preparations, issuing a statement that said: “As a matter of longstanding policy, we don't comment on market rumours or speculation.”
Kodak warned in November that it might not survive 2012 if it was unable to secure $500 million in new debt or sell its patents.
Kodak has for years struggled to compete after film photography fell out of favour with consumers, with digital cameras rendering many of its products obsolete.
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News that Kodak had started the preparations for a possible bankruptcy wiped 28 per cent from its already-battered stock price yesterday.
The shares ended the day at 47 cents, more than 90 per cent below their level of a year ago.
