Eastman Kodak Co. has hired law firm Jones Day for restructuring advice as it faces growing concerns from investors over its turnaround prospects, people familiar with the matter said.

The move to hire restructuring lawyers signals Kodak is intensifying efforts to ensure it has the financial wherewithal to complete a difficult strategic and financial revamp. Shares in the 131-year-old company have lost around a third of their value this week following Kodak’s disclosure that it pulled $160 million from a credit line.

That drawdown heightened concerns about the company’s cash flow and triggered downgrades of its credit rating.

Kodak’s shares plunged Friday afternoon, down 49% in recent trading to 86 cents.

Not looking real good at the moment. I’ll have to have a serious think on this.

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