Imaging veteran Eastman Kodak has filed for Chapter 11 bankruptcy just as the firm launches another patent infringement legal suit, this time targeting Samsung.
"After considering the advantages of chapter 11 at this time, 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 boss Antonio Perez in a release.
Perez also said that the voluntary filing gave the company the opportunity to "maximize the value" of digital capture patents. In other words while the firm doesn't have to worry about credits, they can unleash a barrage of lawsuits against successful companies in an attempt to pull in some cash from the imaging veteran's IP war chest.
So far Apple, Samsung and HTC have found themselves sued by the ailing Kodak. If there was any hope of a big patent pay-day then one has to wonder why Kodak didn't do it before.
The company announced a $950 million debtor-in-possession credit facility which the firm aims to use to continue operations while it reorganises, sells assets and, presumably, launches more law suits.
"We look forward to working with our stakeholders to emerge a lean, world-class, digital imaging and materials science company," said Perez.