In an era of digital photography, instant streaming and smartphones, Eastman Kodak is one company one might say just couldn't keep up with the times. In the past few years it has struggled to stay relevant as its primary product, traditional film, has plunged in popularity.

In an effort to regain its financial footing, Kodak filed for business bankruptcy protection in a U.S. Bankruptcy Court last week. The company says that it intends to operate normally during the bankruptcy.

Kodak will rely on $950 million in financing from Citigroup to keep going, according to the New York Times. It also plans to obtain cash by selling a portfolio of over 1,000 digital patents. The company has about $6.8 billion in debts and $5.1 billion in assets.

The company, which was founded in 1880, has been struggling for years. Since 2004, it has reported only one full year of profit. Despite attempting to cut costs, its financial woes have continued.

Of course, digital cameras and photography have cut into the company's niche. Kodak announced in 2003 that it would stop investing in traditional film. But it was troubled even before that due to competition from other companies offering cheaper alternatives, such as FujiFilm.

Kodak has faced other hefty costs as well, including contributing hundreds of millions of dollars to pension funds. Filing for bankruptcy may allow the company to shrink its pension obligations. It remains to be seen whether the company can return to its status as one of the country's most notable companies. One thing seems clear: It does not appear poised to go quietly into the night.

Source: New York Times, "Eastman Kodak files for bankruptcy," Michael J. de la Merced, Jan. 19, 2012