New York. Eastman Kodak Co is in advanced talks with Citigroup Inc to obtain financing that would be used if the money-losing photography company files for bankruptcy protection, Bloomberg News said on Thursday, citing three people familiar with the matter.

Advisers to Kodak are also lining up a "stalking horse" that would become the lead bidder for a patent portfolio should it be auctioned via the Chapter 11 process, the newswire said, citing one of the people. Neither Kodak nor Citigroup immediately responded to requests for comment.

Kodak has been left behind by rivals that embraced digital camera technology faster. The Rochester, New York-based company is trying to raise cash by selling a large patent portfolio, a sale that could enable it to avoid bankruptcy. (Agencies)

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