Eastman Kodak has filed for bankruptcy protection from its creditors.
The 130-year-old photographic film pioneer has not made a profit since 2007.
Kodak once dominated its industry. It was the first to sell handheld cameras and its film was used to take the first pictures of the moon.
Its directors have been trying to restructure over the past few years and to become a supplier of consumer products.
The company has also been looking to sell its 1,100 digital patents that it licences for use in mobile and printing technology.
Another of its inventions was the digital camera.
This piece of kit ironically hit Kodak’s photographic film sales.
The digital era meant customers could save their snaps on a small hard drive before developing and printing them themselves.