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Kodak's Blurry Picture

Wednesday, 4 Jan 2012 | 4:02 PM ET
A roll of Kodak film is seen in Portland, Ore., Tuesday, Oct. 31, 2006. Eastman Kodak Co., scrambling to squeeze bigger profits from digital photography, posted a loss of $37 million in the third quarter Tuesday, its eighth quarterly loss in a row. (AP Photo/Rick Bowmer)
Rick Bowmer
A roll of Kodak film is seen in Portland, Ore., Tuesday, Oct. 31, 2006. Eastman Kodak Co., scrambling to squeeze bigger profits from digital photography, posted a loss of $37 million in the third quarter Tuesday, its eighth quarterly loss in a row. (AP Photo/Rick Bowmer)

Shares of Eastman Kodak dropped as much as 32.8 percent Wednesday following a Wall Street Journal story that the company is preparing for a possible bankruptcy filing.

Reports that the iconic 131-year-old company may be filing for Chapter 11 protection had been circulating since late last year. Back in September, Kodak issued a statement saying it had no intention of filing for bankruptcy.

Despite the denial, shares of EK lost nearly 88 percent of their value in 2011, closing at $0.6495 on Dec. 30. The one-time Dow component was recently informed by the NYSE that its stock will be delisted if the price remained below $1 for the next six months.

The struggle to switch to digital cameras and turn a profit since 2007 pushed the company's market capitalization to $130 million, a 99 percent loss from its $31 billion valuation back in February 1997, when Kodak shares reached a record high of $94.75.

Below is a look at five companies with assets under $500 million and stock losses greater than 50 percent in the past 12 months.

Follow Giovanny Moreano on Twitter: @giovannymoreano
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