Carestream Health, X-Ray Firm Once Owned by Kodak, Goes Bankrupt

Carestream Health, the century-old medical imaging company founded by photography pioneer Eastman Kodak Co., filed for bankruptcy with a lender-backed proposal to cut its debt by $470 million.

The company blamed the increased use of digital images by doctors and dentists instead of film-based X-rays, as well as a push by governments to drive down the cost of health care. China, for example, created an agency that buys medical equipment in high volume in order to save money, Carestream said in court papers.

The current owner, an affiliate of the buyout firm Onex Corp., paid Kodak about ...