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Kodak braces for Chapter 11 bankruptcy if patent sale stops

01/04, 3:40pm

Kodak readying Chapter 11 filing as precaution

Kodak is drafting Chapter 11 bankruptcy filings in the event it can't sell patents in the next few weeks, insiders asserted Wednesday. The proposed plan seen by the Wall Street Journal would see the camera legend possibly enter bankruptcy later this month or in early February. The reorganization would see it get $1 billion of debtor-in-possession funding and sell its entire library of 1,100 patents through a bankruptcy auction rather than a typical process.

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