Despite numerous efforts throughout the last decade, Kodak still hasn't been able to turn its business around. The once mighty imaging company has been on a downwards trend for a long time and now, in 2012, things reached critical levels as it decided to file petitions for chapter 11 business reorganization in the U.S. Bankruptcy Court for the Southern District of New York. According to Kodak, this move will enable it to 'bolster liquidity in the U.S. and abroad, monetize non-strategic intellectual property, fairly resolve legacy liabilities' and will allow it to 'focus on its most valuable business lines'. "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 Antonio M. Perez, Chairman and Chief Executive Officer. "Our goal is to maximize value for stakeholders, including our employees, retirees, creditors, and pension trustees. We are also committed to working with our valued customers." "Chapter 11 gives us the best opportunities to maximize the value in two critical parts of our technology portfolio: our digital capture patents, which are essential for a wide range of mobile and other consumer electronic devices that capture digital images and have generated over $3 billion of licensing revenues since 2003; and our breakthrough printing and deposition technologies, which give Kodak a competitive advantage in our growing digital businesses." To get the reorganization done, Kodak got a $950 million debtor-in-possession credit facility from Citigroup. During this endeavor, the company will continue to pay employee wages and benefits. Customer services won't be affected either. Kodak's plan is to complete the restructuring of its US-based business in 2013. In related news, this week Kodak also announced that it filed a complaint with the U.S. District Court for the Western District of New York, accusing Samsung Electronics of infringing five of its patents.