US EditionKodak 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.
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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.
·Los Angeles, United States
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Spectrum Local News+2 Reposted by 2 other sources
Kodak cautions on business operations; confident on meeting debt obligations
The Rochester, New York-based company said that it had $155 million of cash and cash equivalents as of June 30, with $70 million held within the U.S.
·United States
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Total News Sources109
Leaning Left14Leaning Right9Center71Last UpdatedBias Distribution76% Center
Bias Distribution
- 76% of the sources are Center
76% Center
15%
C 76%
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