Eastman Kodak unveils change in corporate structure

Eastman Kodak said it was consolidating, but there was no word on the possibility of job cuts or bankruptcy.

NEW YORK (CNNMoney) — Eastman Kodak, the venerable but struggling photography company, announced Tuesday that it has streamlined its corporate structure as part of the ongoing effort to transition from film to digital.

The move comes amid speculation that the company, once part of the Dow Jones Industrial Average, is close to filing for bankruptcy.

Kodak said the company is now structured into two divisions, the commercial segment and the consumer segment, effective January 1. These segments will report to the new chief operating officer, led by Philip Faraci and Laura Quatela.

The company was previously organized into three divisions, the Graphic Communications Group, the Consumer Digital Imaging Group, and the Film, Photofinishing and Entertainment Group.

Kodak spokesman Christopher Veronda did not respond to a question from CNNMoney about whether any employees would lose their jobs as part of the changes.

Veronda declined to say whether the changes are a precursor to a bankruptcy filing.

“This change in organizational structure has been in development since the completion of our annual internal strategic reviews,” he said. “We do not comment on market speculations and rumors.”

Bankruptcy speculation has dogged the company since last year. It became stronger on January 3, when the the wall street journal signaled that a deposit was imminent. Kodak (THISFortune 500) stock has plunged about 20% in the past five days.

The company denied the reports, which lifted the stock somewhat. But the stock is down 90% in the past year.

Kodak was a relatively early pioneer in digital photography, although it was slow to abandon its heavy reliance on outdated film technology. To the top of the page

First published: January 10, 2012: 11:26 a.m. ET