Kodak cautions on business operations but remains confident it can meet debt obligations
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'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.
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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.
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.
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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 percent in midday trading.
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