ROCHESTER, N.Y. — Shares of Eastman Kodak Co. are sinking after the photography pioneer drew down $160 million from its revolving credit line.

Some analysts worried the borrowing was a troubling sign that Kodak is running out of cash in its battle to return to profitability in the digital-imaging era.

Others dismissed the concerns, maintaining Kodak had opted to draw for its $400 million credit line because most available cash is deposited overseas.

The company did not immediately return calls Monday.

Kodak’s stock fell 57 cents, or 24 percent, to $1.81 in morning trading, approaching its 52-week low of $1.75.

The 131-year-old company has been burning through cash as it invests in printer businesses. It had $957 million in cash at the end of June and aims to cross back to profitability in 2012 after four years of losses.

Kodak’s Inkjet Printing Solutions division is headquartered at the Miami Valley Research Park.