Eastman Kodak, the maker of digital cameras and film for the photo, movie and TV industries, filed for Chapter 11 bankruptcy protection early on Thursday, as reported by the Wall Street Journal.

CEO Antonio Perez, who joined the company after running the printer business at Hewlett-Packard, oversaw the sale of assets worth more than $7 billion, but the company has been too slow to adjust to new market trends and failed to benefit from innovations, experts have said. For example, it invented the digital camera, but never gained a dominant position in the digital camera market.

Kodak said it will continue to operate its businesses and hopes to emerge from bankruptcy next year after cutting costs and selling some of its patents. Kodak listed $5.1 billion in assets and $6.75 billion in debt.

The 131-year-old company secured $950 million in financing to help it stay afloat during the bankruptcy restructuring process and named Dominic Di Napoli, a vice chairman at FTI Consulting, its chief restructuring officer.

Other recent bankruptcy filings have included book store chain Borders Group, which went into liquidation last year, and Blockbuster, which last year acquired by satellite TV firm Dish Network.