Kodak shares plummet on restructuring fears

Shares in Eastman Kodak Co (EK-N) fell almost 60 percent on Friday on reports the company had hired a restructuring adviser.

The company, whose stock had already hit a 38-year low earlier this week, has hired Jones Day for restructuring advice, according to a story in the Wall Street Journal that cited people familiar with the matter.

The Journal quoted a Kodak spokesman as saying that the company had no intention of filing for bankruptcy.

But a Bloomberg report citing three people with knowledge of the process said Kodak was weighing bankruptcy.

But both the Journal and Bloomberg quoted a Kodak spokesman as saying that the company had no intention of filing. Kodak shares were halted after they fell 58.6 percent to 70 cents on the New York Stock Exchange. After they resumed, they were off 59 percent at 69 cents.

One shareholder had asked the company's board on Thursday to start a sales process while others said they were unhappy with the company.