U.S. film and camera giant, Eastman Kodak, has filed for bankruptcy. The company which once dominated the photographic and film industry, has been on a downward spiral, failing to keep pace with changing technology. They were film pioneers and invented the hand-held camera, but Kodak's future is looking grim. Eastman Kodak has filed for bankruptcy protection, following a long and slow plunge in fortunes. The 130-year-old firm said it had obtained a $950 million credit facility from Citgroup to keep it going for 18 months. The action will buy Kodak time to reshape its business and possibly find buyers for some of its 1,100 digital patents. They are the key to its remaining value. At the end of September the group had assets worth around $5 billion with liabilities of almost 7 billion. Kodak once dominated its industry -- 80 Oscar-wining movies were shot on its film. And Neil Armstrong even took a Kodak camera to the moon in 1969. The firm invented the digital camera six years later but ironically failed to embrace modern technologies quickly enough. Kodak's demise hit its home town of Rochester in New York. 60,000 people were once employed there -- around 7,000 remain with a further 10,000 workers elsewhere. The company's market value is now below 150 million -- 15 years ago it was worth $31 billion. In recent years Kodak has focused on consumer and commerical printers. It said the bankruptcy ruling was a "necessary step".