Kodak denies it's shutting down amid media reports of financial struggles
On Wednesday, media outlets like CNN and CNBC detailed the company's ongoing financial challenges, including statements made in its earnings report that warned investors it didn't have 'committed financing or available liquidity' to meet debt obligations coming due within 12 months.
However, Kodak quickly published a press release to counter these claims, noting it has 'no plans to cease operations' or file for bankruptcy protection. Rather, it claims to have plans to 'repay, extend, or refinance' its debt before the due date, and expects to have a stronger balance sheet by early next year.
The company also offered an explanation of its financials, noting it will use $300 million in cash it's receiving in December 2025 from its pension plan termination to address a large portion of its $477 million in term debt. It will then address the remaining $177 million in debt and another $100 million in preferred stock outstanding.
Despite these clarifications on recent issues, the 133-year-old company has regularly struggled with finances as digital technology eclipsed film sales. Kodak previously filed for bankruptcy in 2012. In recent years, however, some Gen Z users have embraced older tech, like compact cameras and dumb phones, as a way to tap into nostalgia for a time they never got to experience.
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