It’s been rumoured for weeks and photography icon Eastman Kodak has now filed for Chapter 11 bankruptcy protection as it seeks to stay in business.   

The move follows the ailing American company’s failure to find a buyer for its trove of 1,100 digital imaging plants.

Kodak said in November that it could run out of cash in a year if it didn’t sell the patents, for which it hoped to fetch billions.

C-E-O Antonio Perez says he expects the restructuring to be complete next year.

Kodak says it has $950-million in financing from Citigroup and expects to operate during bankruptcy reorganization and pay employees.