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Kodak cautions on business operations but remains confident it can meet debt obligations
- Eastman Kodak Co., a 133-year-old photography company based in Rochester, New York, has issued a warning that its continued operation is uncertain due to significant financial difficulties.
- Kodak revealed that it currently lacks secured funding and sufficient cash on hand to meet approximately $500 million in imminent debt repayments and pension commitments.
- Kodak is nearing completion of a retrofitted facility to produce regulated pharmaceutical ingredients and plans to focus on advanced chemicals and materials for long-term growth.
- The company expects to have a clear understanding by Friday, August 15, of how it will satisfy its debt obligations, while CFO David Bullwinkle said they will focus on cost reduction and converting investments into growth.
- Kodak’s regulatory filings indicate significant uncertainty about the company’s capacity to remain operational in the future, even as it reported progress toward its long-term objectives amid ongoing business challenges.
121 Articles
121 Articles
Kodak says it’ll figure things out and won’t shut down
In a regulatory filing on Monday, Kodak warned investors that the 133-year-old photography company didn’t have the financing it would need to pay around $500 million of debt obligations that were coming due, raising doubts about the company’s ability to continue. But in a statement shared with The Verge, Kodak says it plans to use money from the company’s pension fund to pay off a large portion of its debt before it comes due. “The “going concer…
Syracuse NY
New York UpstateIconic Upstate NY company issues warning about its future
The more than 130-year-old company says debt obligations raise "substantial doubt" about its future.
The company, based in Rochester, New York, said that, as of June 30, it had $155 million in cash and equivalents, with $70 million in the United States.
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