Kodak confirmed Wednesday night that it has filed for Chapter 11 Bankruptcy. In its statement, the struggling camera and photography company confirmed it filed for Bankruptcy and hired Dominic DiNapoli as its Chief Restructuring Officer. Kodak will continue to do business during the Chapter 11 proceedings and hopes to emerge from the bankruptcy in 2013.
In a separate development, Kodak filed a lawsuit against Samsung claiming its Galaxy Tab and other tablet device violate its patents. Samsung settled a similar suit that targeted the company’s Android phones. As part of the agreement, Samsung paid Kodak $550 million. Bolstered by its success, the company is now going after Samsung’s tablets with the same patent infringement allegation. The company owns over 1,1000 digital patents and is using these lawsuits as a way to raise the money it desperately needs. Besides Samsung, Kodak also recently sued Apple and HTC.