Rochester-based Carestream Health files for bankruptcy

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ROCHESTER, N.Y. — Carestream Health, a Rochester-based x-ray and medical imaging company, filed for chapter 11 bankruptcy on Tuesday.

According to Reuters, Carestream filed for bankruptcy protection on Tuesday with an agreement in place to cut $470 million of the $1.1 billion worth of debt it owes.

The company says its debt level is not sustainable in the long term because of recent slow growth in the medical imaging industry.

Most of the company’s lenders have agreed with the restructuring plan to reduce its debt. This would place the company’s equity in the hands of lenders.

Carestream started in 2007 and has sold its imaging products worldwide for medical and industrial purposes. The company employs nearly 4,000 people across the globe, including its corporate office on 150 Verona Street in Rochester.