It is a very similar situation to Ilford....just on a rather larger scale!
However the principles are the same - Chapter 11 bankruptcy protection is very like "Administration" in the UK - it allows the business to re-organise and re-focus whilst disposing of debt.
But, there is no confirmation yet as to whether this is going to happen and seems dependent on the patent sale.
The best scenario for anyone interested in traditional products might well be bankruptcy protection because this could allow for the traditional manufacturing side of the business to be sold and developed.
After Ilford emerged from Administration they just focused on what they do best, which is make B&W products. The story of the whole administration and the buying of the company is an incredible story, if ever you hear it from those who rescued the company - they should write it down one day. (...and we went into the office that had been occupied by the administrators and said "we want to buy the business" and they laughed at us..... - gripping stuff.)
I'm sure people will come out of the woodwork to buy the component parts of Kodak should it come to it.