Eastman Kodak Co. on Thursday said it plans to sell most of its consumer and document imaging businesses and shift focus to commercial printing as it works to emerge from bankruptcy.

The once-dominant printing firm, already in the midst of auctioning off its digital patent portfolio, hopes to complete the sales by mid-2013, Chief Executive Antonio Perez said in a conference call.

The company needs to raise nearly $700 million to pay back its creditors and exit bankruptcy, and initially hoped its patent sale would generate at least that much. But more than two weeks into its auction and still without a deal, the company may be looking for other ways to raise cash.

"For ensuring sufficient funding for successful emergence (from bankruptcy), the sale of these businesses is important in that regard," Perez said on the call.

The businesses to be sold are Kodak's personalized imaging business, which includes most consumer products and retail printing kiosks, and its digital imaging business, which makes scanners for enterprise customers.