It doesn't look like Kodak, a company already struggling for relevance in the digital age, can handle the recession. Kodak is considering bankruptcy, reports Bloomberg. The Wall Street Journal adds that the film company has brought on Jones Day for restructuring advice. "The move to hire restructuring lawyers signals Kodak is intensifying efforts to ensure it has the financial wherewithal to complete a difficult strategic and financial revamp. Shares in the 131-year-old company have lost around a third of their value this week following Kodak's disclosure that it pulled $160 million from a credit line," The Journal writes. Kodak's shares plummeted 49 percent this afternoon.
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