The more than hundred years old US camera pioneer Eastman Kodak filed for bankruptcy

The more than hundred years old US camera pioneer Eastman Kodak filed for bankruptcy early Thursday.

"After considering the advantages of Chapter 11 at this time, the Board of Directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak," CEO Antonio Perez said in a statement, referring to US bankruptcy proceedings.
  
"Our goal is to maximize value for stakeholders, including our employees, retirees, creditors, and pension trustees. We are also committed to working with our valued customers," he added.
  
The company has been struggling to keep pace with the digital age and years of poor performance had already forced it to lay off 47,000 employees and close 13 manufacturing plants since 2003.
  
"Now we must complete the transformation by further addressing our cost structure and effectively monetizing non-core IP assets," Perez said. "We look forward to working with our stakeholders to emerge a lean, world-class, digital imaging and materials science company."