Eastman Kodak shares dropped 54 percent on Friday because of rumors that the camera maker hired a law firm to advise it on how to carry out a major restructuring or bankruptcy filing.

CNNMoney has reported that trading stopped several times that day because of the rumors. The company has since denied that it is making any bankruptcy moves.

The Wall Street Journal on Friday reported that Kodak hired law firm Jones Day for restructuring advice because it is facing growing concerns from investors over its turnaround prospects. WSJ did note that the company said it hadn't any intention of filing for bankruptcy protection.

Bloomberg reported that Kodak hasn't officially hired a firm as yet, but that bankruptcy is one of the options being considered.

Bankruptcy rumors surfaced a few days after Kodak was forced to take from its credit line. It also had its credit rating downgraded by two big agencies. Stockholders are also concerned.

Kodak's bonds plunged and its shares plummeted 54 percent, or 91 cents, to 78 cents, after The WSJ report.

CNNMoney said the company's stock is down a 86 percent year-to-date.

During after-house trading, Kodak shares rose 46 percent to $1.14, according to CNNMoney.

Law firm Rumors