First the Japanese, then digital and now debt: The 130-year-old Kodak, which survived one bankruptcy, may have just 12 months to survive

The 130-year-old Eastman Kodak Co. has warned there is “substantial doubt” about its ability to continue operating, citing potential difficulties in meeting upcoming debt obligations.

Shares of the iconic photography company tumbled more than 13% in early trading on Tuesday after Kodak disclosed in a regulatory filing that it has debt maturing within the next 12 months but lacks committed financing or sufficient liquidity to cover it under current terms.

As of June 30, Kodak reported $155 million in cash and cash equivalents, with $70 million held in the U.S. Last year, the company announced plans to terminate its retirement income plan to reduce debt. Chief Financial Officer David Bullwinkle said Monday that Kodak expects to determine by Friday how it will fulfill obligations to all pension plan participants, with the reversion process targeted for completion by December.


Founded by George Eastman in 1880, Kodak revolutionized photography in the early 20th century with products like the Brownie and Instamatic cameras and its signature yellow-and-red film boxes. However, it was eventually undone by fierce Japanese competition and its failure to adapt quickly to the digital era.

Kodak filed for bankruptcy protection in 2012, burdened by mounting debt and the rise of digital photography. The company shed many businesses and patents, shuttered its camera manufacturing operations, and reemerged a year later as a smaller firm focused on commercial and packaging printing.

Today, Kodak is nearing completion of a new manufacturing plant for regulated pharmaceutical products, expanding on its existing production of unregulated key starting materials. Operations at the upgraded facility are slated to begin later this year.