Kodak bankruptcy fears roil shares

03/10/11 17:05 CET

corporate

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Eastman Kodak shares have been on a wild rollercoaster ride. They bounced back on Monday after losing more than half their value on Friday.

The recovery came as Kodak denied it was planning to file for bankruptcy.

The slump had followed the news that the company had hired a law firm well-known for bankruptcy cases.

The photography pioneer is struggling with the move from film to digital pictures which it failed to anticipate.

It has failed to turn a profit since 2007 and has been exploring a sale of its digital imaging patents, worth an estimated $2 billion, and hired investment bank Lazard in July to explore options.

Investors took fright on Friday after Bloomberg reported that potential buyers for its patent portfolio were cautious about going ahead with a bid as they could risk having Kodak creditors sue them after a bankruptcy filing.

More about: Bankruptcy, Photograph, Technology, USA

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