While the company is making efforts to sell off some of its patent portfolio and could avoid Chapter 11, insiders say the company has started making preparations for a filing in case those efforts fail.

Talks with money-lenders have revolved around some US$1bn in financing to keep the company afloat during bankruptcy proceedings, which could come as early as this month or February.

Analysts have said Kodak’s troubles may have been caused by the rise of digital photography—which, ironically, was invented by Kodak in 1975. At its height, the company controlled more than 90 per cent of the global photography market.

Meanwhile, the company has received a continued listing standards notice from the New York Stock Exchange because the average closing price of the Kodak’s common stock was less than $1.00 per share over a period of 30 consecutive trading days.

Under NYSE rules, the Company has six months following receipt of the notification to regain compliance with the minimum share price requirement.  The Company can regain compliance at any time during the six-month cure period.

Kodak  will release its fourth-quarter 2011 financial results on Thursday, January 26.

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