Eastman Kodak is preparing to file for Chapter 11 bankruptcy according to an unconfirmed report in the Wall Street Journal.
The company has already embarked on a concerted push to try and sell many of its digital patents to raise cash and remain afloat.
Kodak already licensed its projector patents to IMAX in October last year sparking speculation then that the company was struggling. Its laser projection technology was approved by the FDA (Food and Drug Administration) in February last year paving its way for adoption in the cinema market.
When the technology was launched in September 2010 it was described as a "game-changer for digital projection".