Eastman Kodak Co. has hired law firm Jones Day for restructuring advice as it faces growing concerns from investors over its turnaround prospects, but the imaging company said it had no intention to file for bankruptcy protection.

The move 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 tumbled following Kodak's disclosure last week 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. On Friday, Kodak's bonds plunged and its shares fell 54%, or 91 cents, to 78 cents, after The Wall Street Journal reported the company had hired restructuring advisers.

After markets closed, Kodak issued a press release confirming it had hired Jones Day and said it was "committed to meeting all of its obligations and has no intention of filing for bankruptcy." Kodak said it was exploring all its options.

While Jones Day's restructuring lawyers have advised major companies on bankruptcies, they also advise clients on a range of other paths for improving their finances. Those possibilities include raising new debt or equity, and asking creditors to forgive debt in exchange for ownership stakes in a company.