Eastman Kodak, the 133-year-old photography pioneer, has warned investors that its ability to continue operating is in jeopardy after revealing it lacks the committed financing or liquidity needed to meet roughly $500 million in upcoming debt obligations. In its latest earnings filing, Kodak said these conditions “raise substantial doubt” about its future as a going concern.
The company plans to conserve cash by halting payments to its retirement pension plan and emphasized that U.S.-based manufacturing of its products, including cameras, inks, and film, should shield it from major tariff impacts. CEO Jim Continenza said Kodak is making progress on its long-term plan despite an “uncertain business environment,” but shares fell more than 7% in premarket trading Tuesday.
Kodak, once synonymous with photography, dominated U.S. film and camera sales in the 1970s before failing to capitalize on digital technology it helped invent. After filing for bankruptcy in 2012 with $6.75 billion in debt, it has struggled to reinvent itself, including a brief pivot toward pharmaceutical ingredients in 2020. Today, Kodak continues to produce film, chemicals, and licensed products, but its survival now hinges on urgent financial solutions.
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