Bankruptcy protection for Kodak.

You can't escape it; it's on the BBC, the New York Times, on Reuters, on CNN; the tech websites are awash with it; and its headline news on just about every photography site imaginable, now including this one: Eastman Kodak has filed for Chapter 11 bankruptcy protection in the United States. (Its subsidiaries in other countries aren't affected.)

The idea is that the company - which has reportedly $6.8 billion in debt but only $5.1 billion in assets - has time to restructure itself, hopefully sell off some of its patents (which it has already been trying to do, without much success), without having to face its creditors. Creditors that include Sony, Nokia, and Disney, amongst many others.

Citigroup has provided it with $950 million in credit that should see it through the bankruptcy process, which should complete sometime in 2013.

We all know the story of its downfall: it failed to capitalise on the development of digital photography - a technology that it pretty much invented - in ways that Canon and Fujifilm did. I suppose that you could say it was hoist by its own petard. At least, it was unwilling to let go of the film business that had made it so great and join the digital march.

For the past few years, under Chief Exec. Antonio Perez, Kodak has shifted its focus towards consumer and commercial printing. What the restructure will mean for that, and for its film production, we can only wait to see as the bankruptcy process unfolds. Whatever the new look Kodak, the plan is to operate as normal and 'to emerge a lean, world-class, digital imaging and materials science company.' Let's hope that you make it, Kodak.

Oh, and take a look at the BBC's slideshow, showing Kodak's history in pictures.