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Kodak says there's 'substantial doubt' it can stay in business
Kodak says there's 'substantial doubt' it can stay in business

Yahoo

time6 days ago

  • Business
  • Yahoo

Kodak says there's 'substantial doubt' it can stay in business

Kodak announced in a Securities and Exchange Commission (SEC) filing on Monday that there was "substantial doubt" about the company's ability to stay in business. The company plans to pay off some of its debt and preferred stock using money it expects to get back from its pension plan. The company is hoping to change the terms, push out due dates or refinance its remaining debt and preferred stock obligations, which are payments promised to holders of special shares that usually get paid before regular shareholders. Kodak Lands $765M Us Loan Under Defense Production Act To Boost Drug Production Still, since these plans depend on things outside Kodak's control, they aren't considered reliable under U.S. accounting rules. Because of this, there's serious concern about whether the company can stay in business, as of the date it released its second-quarter financial results, according to the filing. Kodak pioneered film photography and dominated the market for much of the 20th century. It became a household name, known for products like disposable cameras, and at its peak, controlled over 80% of the U.S. film market. Kodak invented the first digital camera in 1975, but failed to embrace the technology, fearing it would cannibalize its film business. Read On The Fox Business App World's Most Powerful Digital Camera Captures Historic First Images When digital photography took over, Kodak's core business collapsed. While it eventually tried to jump into the digital photography game, it struggled to keep up with emerging competitors like Canon, Sony and Nikon, all of which embraced it early on. Riddled with debt, it filed for bankruptcy in 2012. While the company emerged from protection in 2013, it never regained its dominant position in the market. To try to save its business, it pivoted from consumer photography to commercial printing and tech. It simultaneously tried to revive its brand through licensing deals and bold experiments, such as collaborating with Forever 21 on a clothing collection, before the clothing chain collapsed, and with Urban Outfitters to sell its article source: Kodak says there's 'substantial doubt' it can stay in business Sign in to access your portfolio

Ontario Teachers Cuts US Dollar Exposure by 56% as Loonie Gains
Ontario Teachers Cuts US Dollar Exposure by 56% as Loonie Gains

Bloomberg

time6 days ago

  • Business
  • Bloomberg

Ontario Teachers Cuts US Dollar Exposure by 56% as Loonie Gains

Ontario Teachers' Pension Plan cut its exposure to the US dollar by 56% in the first half of the year as Canada's currency surged against the greenback. The pension said its net exposure to the US dollar was C$40.2 billion ($29.2 billion) at the end of June, marking the lowest level since the middle of 2021. That shift coincided with the Canadian dollar's strongest first-half rally versus its US counterpart in nearly a decade, a move driven by a turbulent US trade agenda.

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