(Image source: The Daily Caller)

BY EVAN THOMAS

ANCHOR ZACH TOOMBS

You're watching multisource video news analysis from Newsy.

Venerable camera maker Eastman Kodak filed for chapter 11 bankruptcy protection Wednesday.
But many in the tech industry say this development -- has been a long time coming. Bloomberg explains.

“The company has filed for bankruptcy protection saddled with $6.8 billion in debt. Kodak’s been struggling to make a profit in recent years, and the shares, well, they’ve taken a beating, sliding almost 90 percent in the last 12 months.”

Such is the status of tech business these days, says VentureBeat.

“The expected move shows that no technology or business franchise lasts forever, no matter how enduring it seems.”

The consensus is that Kodak misstepped when the imaging industry started its move from film to digital. Steve McGrath tells The Wall Street Journal -- Kodak didn’t take the lead, and that was a big mistake.

“In fact camera brought a developed mass-market digital camera back in 1975. But they shelved it because they were so worried that it was going to eat into their very profitable film business. Now, by the time they realized how big a mistake that was, they were so far behind that it was impossible to catch up.”

Of course, that missed opportunity hasn’t stopped Kodak from making billions licensing-- and protecting-- its digital imaging technologies. Because of that, All Things Digital says Kodak won’t go down without a fight.

“In recent months the company has sought to capitalize on its patents and, in recent days, has sued Apple, HTC and Samsung.”

In a press release, Kodak says it has obtained a $950 million loan from Citigroup to maintain its operations and payroll during chapter 11. Chairman and CEO Antonio Perez says the company will forge ahead, with its focus on digital imaging and printing. 

But getting a complete picture on whether Kodak’s moment has come and gone will likely have to wait for next year.  The company expects to complete its restructuring in 2013.