Eastman Kodak's bankruptcy

Eastman Kodak had dominated consumer photography for most of the 20th century, posting around $13.3 billion in revenue with roughly 64,000 employees as recently as 2003. The rapid consumer shift to digital cameras and then smartphones eroded Kodak's core film business faster than its later moves into digital imaging and printing could offset, and by 2011 revenue had fallen to about $6 billion with the workforce cut to roughly 17,000. Weighed down by $6.75 billion in liabilities against $5.1 billion in assets and facing more than 100,000 creditors, Kodak filed for Chapter 11 bankruptcy protection on January 19, 2012, arranging $950 million in financing from Citibank to keep operating during the process. To raise cash, Kodak auctioned off its portfolio of digital-imaging patents for $527 million and sold its personalized and document-imaging businesses to the UK's Kodak Pension Plan for around $650 million. The company emerged from bankruptcy in 2013 as a much smaller commercial printing and imaging business, a fraction of the consumer icon it had once been.