Founded in 1880, Kodak has faced decades of decline after missing the digital photography shift
Eastman Kodak, the 133-year-old photography icon, has warned of “substantial doubt” about its ability to stay in business, citing nearly $500 million in short-term debt and more than $200 million in pension liabilities.
The news sent Kodak shares tumbling 26% to $5.05 on Tuesday.
The company swung from a $25 million profit last year to a $26 million net loss in its latest quarter, burning $46 million in cash and leaving only $155 million.
Last year, Kodak ended its retirement income plan to pay down debt, and expects to complete pension payouts by December.
Founded in 1880 and famed for Brownie and Instamatic cameras, Kodak has faced decades of decline after missing the digital photography shift.
Once dominant in film, Kodak filed for bankruptcy in 2012 and has since shifted into specialty chemicals and commercial printing.
It is now banking on pharmaceutical manufacturing to revive its fortunes, with production slated to begin later this year.