Overview

• Kodak’s SEC filing warns of “substantial doubt” over its ability to continue as a going concern, noting about $500 million of debt maturing within 12 months against $155 million in cash.
• Management has initiated termination of the U.S. Kodak Retirement Income Plan to revert excess pension assets and expects participant settlement details by mid-August with full reversion by December.
• A company spokesperson said Kodak is confident it can pay off a significant portion of its term loan before maturity and secure amendments or refinancing for remaining obligations.
• The company reported a $26 million net loss in the second quarter, a swing from a $26 million profit a year earlier, driven by softer sales volumes and rising materials costs.
• Investors reacted with a roughly 20 to 25 percent intraday share price drop, reflecting market skepticism about Kodak’s execution of its financing and pension-reversion plans.