Kodak cautions on business operations but remains confident it can meet
debt obligations
[August 13, 2025] By
MICHELLE CHAPMAN
The more than 130-year-old Eastman Kodak Co. is cautioning on its
business operations, but says it is confident it will be able to work
out upcoming debt obligations.
“Kodak has debt coming due within 12 months and does not have committed
financing or available liquidity to meet such debt obligations if they
were to become due in accordance with their current terms,” the company
wrote in a regulatory filing. “These conditions raise substantial doubt
about Kodak's ability to continue as a going concern.”
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.
Kodak said in a statement on Tuesday that the going concern language in
its regulatory filing is essentially a required disclosure because its
debt comes due within 12 months of the filing.
“Kodak is confident it will be able to pay off a significant portion of
its term loan well before it becomes due, and amend, extend or refinance
our remaining debt and/or preferred stock obligations,” the company
said.
Last year Kodak said that it would end its retirement income plan in
order to pay down debt, according to The Wall Street Journal. Kodak
Chief Financial Officer David Bullwinkle said in a statement on Monday
that the company expects to know by Friday how it will satisfy its
obligations to pay all pension plan participants and foresees completing
the reversion by December.
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The Eastman Kodak Company world headquarters is visible in
Rochester, New York, on Friday, April 29, 2022. (AP Photo/Ted
Shaffrey, File)
 Founded by George Eastman in 1880,
Eastman Kodak Co. is credited with popularizing photography at the
start of the 20th century and was known all over the world for its
Brownie and Instamatic cameras and its yellow-and-red film boxes. It
was first brought down by Japanese competition and then an inability
to keep pace with the shift from film to digital technology.
Kodak filed for bankruptcy protection in 2012 after struggling with
increasing competition, continuing growth in digital photography and
growing debt. The company wound up selling off many of its
businesses and patents, while shutting down the camera manufacturing
unit that first made it famous. It received approval for its plan to
emerge from court oversight a year later. At the time, Kodak was
looking to recreate itself as a new, much smaller company focused on
commercial and packaging printing.
Kodak is now nearing completion on a manufacturing plant to create
regulated pharmaceutical products. The company already makes
unregulated key starting materials for pharmaceuticals. Production
at the retrofitted facility is expected to start later this year.
Shares slid more than 25% in midday trading.
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