Kodak has announced a new business structure intended to mark it out as a 'digital company'. Its existing three divisions – the Graphic Communications Group, the Consumer Digital Imaging Group, and the Film, Photofinishing and Entertainment Group – have been reduced to two, the Commercial Segment and the Consumer Segment.

These new segments will report to the new Chief Operating Office led by Kodak's two presidents and chief operating officers, Philip Faraci and Laura Quatela.

The news comes after speculation that the technology company will file for Chapter 11 bankruptcy protection.

"As we complete Kodak's transformation to a digital company, our future markets will be very different from our past, and we need to organise ourselves in keeping with that evolution," comments Antonio M Perez, Kodak's chairman and chief executive officer.

"This new structure simplifies the organisation, focuses it more precisely on our consumer and commercial customers, and puts the right people in place to capitalise fully on the tremendous technological capabilities of Kodak. These business structure changes also allow us to allocate resources more productively, continue to significantly reduce administrative costs, and improve efficiency. We are confident that these changes will support our efforts to make the most of our opportunities."