Eastman Kodak Co. is preparing to file for bankruptcy, according to press reports.

The Wall Street Journal reports that Kodak is still making last-ditch efforts to sell off some of its patent portfolio and could avoid Chapter 11 if it succeeds. The company holds some 1,100 digital-imaging patents.

Kodak has started making preparations for a filing in case those efforts fail, including talking to banks about some $1 billion in financing to keep it afloat during bankruptcy proceedings.