In 2011, despite the turnaround progress, Kodak rapidly used up its cash reserves, stoking fears of bankruptcy; it had $957 million in cash in June 2011, down from $1.6 billion in January 2001. In 2011, Kodak reportedly explored selling off or licensing its vast portfolio of patents in order to stave off bankruptcy. By January 2012, analysts suggested that the company could enter bankruptcy followed by an auction of its patents, as it was reported to be in talks with Citigroup to provide debtor-in-possession financing. This was confirmed on January 19, 2012, when the company filed for Chapter 11 bankruptcy protection and obtained a $950 million, 18-month credit facility from Citigroup to enable it to continue operations. Under the terms of its bankruptcy protection, Kodak had a deadline of February 15, 2013 to produce a reorganization plan.