The granddaddy of modern photography, Eastman Kodak is having trouble keeping up in the newfangled digital world.
The 119-year-old company pioneered the technology that made photography viable for a mass market. But the proliferation of digital cameras and cell phones has left Kodak with little more than its patent portfolio to fall back on.
After falling some 85% this year, Kodak's stock trades for less than $1 a share.
The stock came under heavy pressure in September after Kodak was forced to draw from its credit line. A few days later, Moody's downgraded several Kodak debt securities, pushing it even deeper into junk status.
Kodak has denied rumors that it is considering bankruptcy. But the company has acknowledged that it hired a well-known law firm to "explore all options."
For now, Kodak has been able to pad revenues by suing for patent infringement. And it is exploring the sale of 1,100 patents tied to digital imaging, which could be worth upwards of $2 billion.
But without a workable strategy for digital cameras and printers, analysts say Kodak cannot survive for long on its patents alone.
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