The statement continues, “Kodak remains focused on meeting its commitments to customers and suppliers, and on delivering on its strategy to become a profitable, sustainable digital company.”

The bankruptcy rumours began to circulate following a report published in the Wall Street Journal, which claimed Kodak had appointed insolvency and restructuring law firm, Jones Day.

In response Kodak says, “It is not unusual for a company in transformation to explore all options and to engage a variety of outside advisers, including financial and legal advisers. Jones Day is one of a number of advisers that Kodak is working with in that regard.”

Since making the announcement, Kodak’s share price jumped to $1.60 up from 59c on September 30. The company will release its third-quarter 2011 financial results on November 3.

Comment below to have your say on this story.

If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.  

Sign up to the Sprinter newsletter