In the US, we have several forms of bankruptcy. Chapter 11 is just one form of bankruptcy here. It also entails reorganization under court oversight. What generally happens is the stock holders lose almost everything. Bond holders may get pennies on the dollar. We have a few shares of its stock, but never considered selling them for sentimental reasons, even when they started to decline.
Personally, this is very sad. My wife is from Rochester, NY. Her father spent his whole life with Kodak. His idea of a Christmas gift was a share of stock. I had some pretty close ties with its chemistry and medical diagnostic divisions. The latter was sold years ago to J&J. Kodak did see the need to diversify in the late 1970's and 1980's when it developed thin-film diagnostic methods -- think of the way Polaroid film works and apply that to clinical chemistry tests.
During its strong years, Kodak was always led by talent grown in house, and usually that person came from the technical, not management side early in his career. The downfall coincided with getting outside business people to run it. Whether there's a cause and effect there I don't know, but it seems to be a pattern that is often repeated.
John