We had previously heard that the only way Kodak could avoid this fate was to start selling off huge bundles of its precious patents related to imaging, but they just couldn’t find a buyer willing to pay the price that they needed. This doesn’t necessarily mean that Kodak is going to sail off into the sunset, though. Instead, they’re going to “restructure” in such a way to “bolster liquidity” and “monetize non-strategic intellectual property.” That sounds like selling patents to me.

I’m not sure what are the “most valuable business lines,” but that’s where they are going to shift the focus moving forard, working to “maximize value for stakeholders.” A $950 million credit has been extended from Citigroup to enhance working capital, minimizing the impact on the flow of goods and services.

They’ve set up a website at KodakTransforms.com with more information about the company’s reorganization.

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I think we all knew that Kodak had fallen on tough times these last few years, but we always had this hope in the back of our minds that the once iconic brand would be able to bounce back. Apparently not. Things are so bad that Kodak is reportedly getting ready to file for bankruptcy.

The news comes by way of a report from the Wall Street Journal, saying that Kodak’s future is “looking less promising by the day.” Word on the street is that Kodak could file for chapter 11 bankruptcy “in the coming weeks.” I guess the switch of focus (no pun intended) from film cameras to cheap photo printers didn’t quite pan out; Kodak’s company value has dropped 95 percent since 2001.

Given the current economic climate, Kodak apparently only has one way out: to sell off a bunch of its 1000+ digital imaging patents from its 100+ year history. These patents could be very valuable, estimated at between $2 billion and $3 billion, but Kodak has been looking to offload these for months already. In the last 12 quarters, Kodak has posted a loss in nine of them.

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