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Home News

Kodak Denies Bankruptcy Rumours, Says Business Remains Stable

The company says the "going concern" note was a technical requirement, and insists it has no plans to shut down.

by Heirul Kamel
August 15, 2025
Kodak file photo

Image: Ted Shaffrey / AP

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Kodak has issued a statement refuting media reports suggesting it is ceasing operations, going out of business, or preparing to file for bankruptcy. The company said such claims, which stem from a recent CNN report citing its latest earnings filing, misrepresent a technical disclosure required by accounting rules.

In its second-quarter 2025 earnings report, Kodak had included a “going concern” statement noting it lacks “committed financing or available liquidity” to cover roughly US$500 million (~RM 2.12 billion) in upcoming debt and preferred stock obligations. CNN reported that this raised “substantial doubt” over the company’s ability to continue operations.

kodak file photo
Image: Scott Olson/Getty Images

The company stressed that it has no plans to shut down or seek bankruptcy protection, and remains confident it can repay, extend, or refinance its obligations on or before their due dates. It added that, once planned transactions are completed early next year, it expects to have a stronger balance sheet than in recent years and be virtually net debt free.

Central to this plan is the termination of its retirement pension plan, which Kodak has been preparing for some time. The company expects to receive approximately US$500 million (~RM 2.12 billion) in December 2025 after meeting all obligations to pension participants. This will include about US$300 million in cash, earmarked under loan terms for debt repayment, and US$200 million in investment assets to be converted to cash.

620-KODAK
Image: Kodak

Currently, Kodak has US$477 million in term debt and US$100 million in preferred stock outstanding. The cash from the pension plan transaction will reduce term debt to about US$177 million, after which the company will address the remaining debt and preferred stock.

Kodak insists that its business remains “stable and self-sustaining,” noting that it used just US$3 million in cash during Q2 mainly for growth investments, and does not plan to rely on pension funds to finance day-to-day operations. “We are confident in our plan to meet all obligations and optimistic about our future,” it said.

(Source: Kodak [official blog])

Filed Under Kodak
Updated 10:14 am, Fri, 15 August 25
https://lowy.at/xd37o
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