New York. Century-old photography pioneer Eastman Kodak, which brought photography to the masses, filed for bankruptcy late this week, succumbing to a 15 year digital assault by rivals.  

The company hopes that seeking Chapter 11 bankruptcy protection will give it time to reorganise its businesses -- and possibly sell off its valuable patent portfolio -- to avoid being shut down entirely. "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. (Agencies)

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