NEW YORK (

TheStreet

) --

Eastman Kodak

(EK)

, the 131-year-old photo film maker, filed for Chapter 11 bankruptcy protection.

Kodak, of Rochester, N.Y., said it obtained a $950 million, 18-month credit facility from

Citigroup

to keep it in business.

"The board of directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak," said Kodak Chairman and CEO Antonio Perez in a statement.

"Now we must complete the transformation by further addressing our cost structure and effectively monetizing non-core intellectual-property assets," Perez said. "We look forward to working with our stakeholders to emerge a lean, world-class, digital imaging and materials science company."

While under bankruptcy protection, Kodak, which has roughly 19,000 employees,

will look to sell patents and business lines

, while also litigating intellectual property infringement claims to raise capital. Earlier this month, Kodak announced an acceleration of a digital transformation.

The stock closed Wednesday at 55 cents.

-- Written by Joseph Woelfel

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Joseph Woelfel

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