Statement Regarding Misleading Media Reports
10 days ago
- #debt management
- #financial stability
- #Kodak
- Kodak denies misleading media reports about ceasing operations or filing for bankruptcy.
- Kodak plans to repay, extend, or refinance its debt and preferred stock by the due date.
- Expected transactions will strengthen Kodak's balance sheet, making it virtually net debt-free.
- The 'going concern disclosure' is a technical requirement under accounting rules.
- Kodak will meet all obligations to pension fund participants.
- Pension plan termination will provide Kodak with approximately $500 million in assets by December 2025.
- Kodak currently has $477 million in term debt and $100 million in preferred stock.
- The $300 million cash from the pension transaction will be used to repay term debt.
- Kodak's Q2 2025 cash usage was $3 million, showing improvement from Q1.
- Kodak is confident in its financial stability and future prospects.