(NEW YORK) -- Eastman Kodak Co. is preparing for bankruptcy in the “coming weeks” in case efforts to sell its patents fall through, the Wall Street Journal reported on Wednesday.
The photography and imaging equipment company has long struggled with revamping itself as a technology company amid advancements in digital cameras and photo sharing. Shares of Kodak have closed under $1 for 30 consecutive trading days, the Journal reported.
The company is in discussions with potential lenders for $1 billion in financing to keep it afloat during bankruptcy proceedings, sources told the Journal.
Eastman Kodak did not immediately return a request for comment from ABC News.
If the company does file for Chapter 11 bankruptcy, it would operate normally and try to sell its 1,100 patents through a court-supervised bankruptcy auction, the Journal reported.
On Tuesday, Kodak disclosed the New York Stock Exchange warned the company’s shares could be delisted unless it gets its finances in order in the next six months.
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