Kodak Might File for Bankruptcy Once-mighty photography company is burning through cash By John Johnson, Newser Staff Posted Jan 4, 2012 6:44 PM CST 9 comments Comments The Eastman Kodak headquarters is in Rochester, New York. (Getty Images) (Newser) – An American icon might soon go bust. The Wall Street Journal reports that Kodak is preparing to file for Chapter 11 bankruptcy protection. The former photography giant is trying to stave that off but is caught in a kind of Catch-22 noted by the Journal: It wants to avoid bankruptcy by selling patents to raise cash, but bidders don't want to buy the patents because they're worried the company might go bankrupt. The New York Stock Exchange, meanwhile, has warned the 131-year-old company that it might get the boot because its shares have closed under a buck for 30 straight days.