Kodak has issued a statement explaining that the ‘going concern disclosure’ referenced in the official financial performance results it filed with SEC on August 11th, was simply ‘a technical report that is required by accounting rules’. The company further states that: ‘Kodak has no plans to cease operations, go out of business, or file for bankruptcy protection. To the contrary, Kodak is confident it will repay, extend, or refinance its debt and preferred stock on, or before, its due date.’
Kodak Centre in Rochester New York
This is obviously great news for the industry, given Eastman Kodak’s 145-year history and one-time reputation as the world's largest film and camera manufacturer.
The rebuttal statement issued by Kodak went on to explain that ‘when the transactions we have planned are completed, which is expected to be early next year, Kodak will have a stronger balance sheet than we have had in years and will be virtually net debt free’.
To provide context, Kodak currently has USD$477m of term debt and USD$100m of preferred stock outstanding. The company is required by its loan documents to use the USD$300m of cash expected to be received in December to repay term debt. Kodak can then address the remaining USD$177m of term debt and USD$100m of preferred stock.
The company said: “In addition to our focus on reducing debt and interest payments, we believe our business is stable and self-sustaining. In Q2 2025 we used only USD$3m in cash, primarily to invest in growth initiatives, a significant improvement compared with Q1, and we do not plan to rely on cash from the pension fund transaction to fund our operations.
Regarding its pension fund, Kodak also confirmed that it will continue to meet its obligations to all pension fund participants, stating: “We have been preparing for the pension plan termination for some time and expect to receive approximately USD$500m of assets – after meeting our obligations to all pension fund participants – in December 2025 when the transaction closes. Approximately USD$300m of the funds are expected to be cash, and approximately USD$200m are expected to be investment assets that will be converted into cash.”
“This leaves us confident in our plan to meet all its obligations and optimistic about our future.”
