Kodak shares are a picture of gloom

Shares in venerable imaging giant Eastman Kodak tumbled to an all-time low following a report that the ailing US company is getting ready to seek bankruptcy court protection.

The Wall Street Journal said Kodak was preparing for a bankruptcy 11 filing “in the coming weeks” should efforts to sell a host of digital-imaging patents fall through.

In July, Kodak began trying to find a buyer for about 1,100 digital-imaging patents that financial analysts think might fetch $2-3 billion (£1.3-1.9bn).

The Journal said Kodak was in discussions with potential lenders for about $1bn in loans called “debtor-in possession financing” that would keep it afloat during a bankruptcy process. The newspaper said a bankruptcy filing could occur this month or early in February.

A Kodak spokesman said the company does not comment on rumour or speculation.