Kodak Warns It May Not Survive Without New Financing

Eastman Kodak, the iconic 133-year-old photography company, has told investors it may not be able to continue operating amid mounting debt obligations and dwindling liquidity. In its latest earnings report, the company said it lacks the “committed financing or available liquidity” needed to cover about $500 million in upcoming debt payments.

“These conditions raise substantial doubt about the company’s ability to continue as a going concern,” Kodak said in a filing.

The company plans to free up cash by halting payments for its retirement pension plan and said tariffs are unlikely to significantly affect operations, as much of its production — including cameras, inks and film — takes place in the United States. Despite this, Kodak’s stock fell more than 25% in midday trading Tuesday.

Founded in 1892 and tracing its roots to 1879, Kodak revolutionized photography with its 1888 slogan, “You push the button, we do the rest,” and dominated U.S. camera and film sales for decades. At its peak in the 1970s, it held 90% of the film and 85% of the camera market. However, Kodak failed to capitalize on the digital camera technology it pioneered in 1975, leading to a bankruptcy filing in 2012.

In recent years, Kodak has sought new business avenues, including producing pharmaceutical ingredients after a 2020 U.S. government initiative, and continues to manufacture film and chemicals for industries such as filmmaking while licensing its brand for consumer products. Company executives say they are confident they can restructure or refinance their debt before it comes due.