Kodak Denies Bankruptcy Rumors, Plans Financial Restructuring
By
whicks
Soft in all the wrong places. Take with a strong tea.
Summary
Kodak has clarified that media reports about the company ceasing operations or filing for bankruptcy are inaccurate. The company is instead focusing on a pension fund transaction and debt repayment to strengthen its balance sheet by 2025. The reports stemmed from a misunderstanding of a technical disclosure in Kodak's SEC filing.
Key quotes
· 3 pulledMedia reports that Kodak is ceasing operations, going out of business, or filing for bankruptcy are inaccurate and reflect a fundamental misunderstanding.
Kodak has been preparing for the pension plan termination for some time and expects to receive approximately $500 million of assets.
Kodak clarifies it is not closing or filing bankruptcy; plans debt repayment and pension fund transaction for a stronger balance sheet in 2025.
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