Eastman Kodak is denying reviews that it’s shutting down.
On Wednesday, media retailers like CNN and CNBC detailed the corporate’s ongoing monetary challenges, together with statements made in its earnings report that warned traders it didn’t have “dedicated financing or out there liquidity” to fulfill debt obligations coming due inside 12 months.
Nonetheless, Kodak shortly revealed a press release to counter these claims, noting it has “no plans to stop operations” or file for chapter safety. Reasonably, it claims to have plans to “repay, lengthen, or refinance” its debt earlier than the due date, and expects to have a stronger steadiness sheet by early subsequent yr.
The corporate additionally provided an evidence of its financials, noting it’ll use $300 million in money it’s receiving in December 2025 from its pension plan termination to deal with a big portion of its $477 million in time period debt. It’s going to then handle the remaining $177 million in debt and one other $100 million in most well-liked inventory excellent.
Regardless of these clarifications on latest points, the 133-year-old firm has recurrently struggled with funds as digital expertise eclipsed movie gross sales. Kodak beforehand filed for chapter in 2012. In recent times, nonetheless, some Gen Z customers have embraced older tech, like compact cameras and dumb phones, as a method to faucet into nostalgia for a time they by no means bought to expertise.