Is Kodak on the Brink of Bankruptcy?

With the

reporting today that Eastman Kodak

has hired law firm Jones Day for restructuring advice, concerns are increasing from investors that a turnaround is unlikely. As of 14.40 on Friday, EK was trading at $0.60, A loss of well over 50% from the $1.69 it was trading at yesterday. According to the WSJ, “Kodak, whose operations burned $847 million in the first half of the year, had $957 million in cash on June 30. It aims to have $1.6 billion to $1.7 billion on hand at the end of the year, but that target presumes successful asset sales, patent income and improvements in the company's businesses.” "We're a large company, and we employ a number of outside consultants. We don't itemize who those consultants are or what they do for us," Kodak spokesman Gerard Meuchner told WSJ. "As we sit here today, the company has no intention of filing for bankruptcy." Business Insider ranked EK at number 3 in its

feature, and that predictions seems to be edging ominously closer.