Kodak stock rises 46% on new business plan
Troubled photography firm Eastman Kodak has unveiled a new plan to transform the company into a digital player, sending its shares soaring.
The 132-year-old firm has simplified its business structure in an effort to cut costs, including the creation of a new unit with a focus on consumer digital products.
Shares in the firm shot up 46%.
The firm also filed lawsuits against Apple and HTC, claiming the phonemakers infringed several of its patents.
The lawsuits, filed in federal court, claim that some of Apple's iPhones, iPads and iPods and HTC's smartphones and tablets infringe on four Kodak patents relating to image transmission.
It also lodged complaints against two firms before the US International Trade Commission, which arbitrates trade disputes in Washington DC.
There have been many press reports that Kodak was preparing to file for bankruptcy protection in the US.
Kodak has turned its focus in recent years to a new line of inkjet printers, which along with home photo printers are performing well.
"As we complete Kodak's transformation to a digital company, our future markets will be very different from our past, and we need to organise ourselves in keeping with that evolution," chief executive Antonio Perez said.
Kodak was one of the most famous global photography brands, but the company has been overtaken by rivals who reacted more quickly to the arrival of digital techniques.
It has been squeezed by weaker sales of consumer products and the heavy cost base of its operations and employees around the globe.
In the third quarter of 2011, the company reported a three-month loss of $222m (£143m), its ninth quarterly loss in three years.
Shares had reached a record low of 47 cents on 5 January.