Kodak’s existence has been tumultuous in recent years. The company filed for Chapter 11 bankruptcy in 2012, while in late 2024 it temporarily paused film production for factory upgrades that would help it keep up with an increased demand.
But the end could finally be near for the 133-year-old company. In an earnings report on Monday, Kodak warned investors it doesn’t have the financing needed to pay around $500 million in upcoming debt obligations, and raised doubts about its ability to continue.
The company had a different message for reporters, though. “Kodak is confident it will be able to pay off a significant portion of its term loan well before it becomes due, and amend, extend or refinance our remaining debt and/or preferred stock obligations,” says Denisse Goldbarg, Kodak’s CMO and Head of EAMER Sales. “To fund the repayment, we plan to draw on the approximately $300 million in cash we expect to receive from the reversion and settlement of our U.S. pension fund (the Kodak Retirement Income Plan, or “KRIP”) in December... Once the KRIP reversion is completed Kodak will be virtually net debt free and will have a stronger balance sheet than we have had in years.”
Update, August 13th: Added a statement from a Kodak spokesperson.
