Shares in Eastman Kodak fell more than 50 percent Friday after The Wall Street Journal reported a association has hired a law organisation for restructuring advice.
The journal pronounced a 131-year-old company, that has struggled to reorient a business in a face of a sea change in a detailed business, has hired Jones Day, an consultant in restructurings. The Journal cited people informed with a matter as a source.
“The pierce to sinecure restructuring lawyers signals Kodak is heightening efforts to safeguard it has a financial wherewithal to finish a formidable vital and financial revamp,” a news said.
Kodak shares closed at 78 cents each Friday, down 91 cents. The shares were trade over $5 progressing this year and over $3 as recently as this month.