Eastman Kodak, the company that invented the hand-held camera, has filed for bankruptcy protection.

Kodak and its US subsidiaries will undergo chapter 11 business reorganisation, it said in a statement.

It also said it would receive a $950m (£615m) credit facility from Citigroup to keep business going.

The 132-year-old photography firm has struggled to keep up with competitors who were quicker to adapt to the digital era.

"The board of directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak," said Antonio M. Perez, chairman and chief executive officer of the company.