Kodak once dominated its industry and its film was the subject of a popular Paul Simon song, but it failed to embrace more modern technologies quickly enough, such as the digital camera -- ironically, a product it even invented.
Its downfall hit its Rust Belt hometown of Rochester, New York, with employment there falling to about 7,000 from more than 60,000 in Kodak's heyday.
Its market value has sunk to below $150 million from $31 billion 15 years ago.
In recent years, Chief Executive Perez has steered Kodak's focus more toward consumer and commercial printers.
But that failed to restore annual profitability, something Kodak has not seen since 2007, or arrest a cash drain that has made it difficult for Kodak to meet its substantial pension and other benefits obligations to its workers and retirees.
Perez said bankruptcy protection would enable Kodak to continue to work to maximize the value of its technology assets, such as digital-imaging patents it says are used in virtually every modern digital camera, smartphone and tablet. The company has also built up patented printing technology.
Kodak said it was being advised by investment bank Lazard Ltd, which has been helping Kodak look for a buyer for its digital patents.
Other advisers included business-turnaround specialist FTI Consulting Inc, whose vice chairman, Dominic DiNapoli, would serve as chief restructuring officer for Kodak, supporting existing management.
In the last few years, Kodak has used extensive litigation with rivals such as Apple Inc, BlackBerry maker Research in Motion Ltd and Taiwan's HTC Corp over those patents as a means to try to generate revenue. Those patents may now be sold through the bankruptcy process.
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