Kodak refund plan explained: Photography giant faces survival threat, plans pension halt amid massive debt repayment; details here
The company plans to raise cash by halting payments to its retirement pension plan. Despite the financial strain, Kodak said tariffs are unlikely to have a 'material impact' since it manufactures most of its products — including cameras, inks and film — in the United States.
Debt pressure and company response
Kodak CEO Jim Continenza said in the earnings release that the company 'continued to make progress against our long-term plan despite the challenges of an uncertain business environment.' A spokesperson told CNN that Kodak remains 'confident' it can pay a significant portion of its term loan before it is due and seek to amend, extend, or refinance its remaining debt and preferred stock obligations.
Shares of Eastman Kodak (KODK) dropped more than 25% in midday trading Tuesday following the announcement.
Everyone start buying film from kodak NOW!!!! And give it to me pic.twitter.com/v9pAt36Fj3
A century of success and innovation
Kodak was incorporated in 1892 but traces its origins to 1879, when founder George Eastman patented a plate-coating machine. In 1888, Eastman launched the first Kodak camera for $25, making photography accessible to the general public. Its slogan, 'You push the button, we do the rest,' reflected its aim to simplify the process.
At its peak in the 1970s, Kodak controlled 90% of the US film market and 85% of camera sales. It was even celebrated in popular culture, such as in Paul Simon's 1973 hit 'Kodachrome.' The company invented the first digital camera in 1975 but failed to adapt to the digital shift.
Decline, bankruptcy, and recent shifts
In 2012, Kodak filed for Chapter 11 bankruptcy with $6.75 billion in debt and 100,000 creditors. In 2020, it briefly revived interest when the US government tapped it to produce pharmaceutical ingredients, causing a sharp but temporary surge in its stock price.
Today, Kodak continues to produce film and chemicals for industries such as filmmaking and licenses its brand for consumer products. It has also expressed plans to expand its pharmaceutical business despite ongoing financial challenges.
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