Kodak has so far refused to comment on a press report that it is battling to avoid bankruptcy, as its share price plummets.

Kodak bosses are preparing to file for bankruptcy protection in the next few weeks as it makes ?last-ditch? efforts to sell some of its patent portfolio, reports the Wall Street Journal, quoting unnamed sources.

The concerns caused Eastman Kodak?s share price to fall to 47 cents per share yesterday, reported to be a record low for the historic photographic brand.

In response, the US-based firm told the newspaper that it ?does not comment on market rumour or speculation?.

An Eastman Kodak spokesman was not immediately available for comment when contacted by Amateur Photographer this morning.

This is not the first time Kodak has been hit by fears over its future.

On 30 September 2011, Kodak’s share price plunged following reports it had hired Jones Day, a law firm known to have advised large companies on bankruptcies.