Kodak has moved to quash rumours that it is on the brink of collapse, issuing a strongly worded statement clarifying its financial position after what it calls “misleading media reports”.
The company said speculation that it was ceasing operations, going out of business or preparing to file for bankruptcy “reflects a fundamental misunderstanding” of a recent technical disclosure made to the US Securities and Exchange Commission in its second quarter earnings report.
Kodak insists such reports are not only inaccurate but omit critical context, prompting it to “set the record straight”.
In its official statement, Kodak emphasized:
“Media reports that Kodak is ceasing operations, going out of business, or filing for bankruptcy are inaccurate and reflect a fundamental misunderstanding of a recent technical disclosure the Company made to the SEC in its recently filed second quarter earnings report. These articles are misleading and missing critical context, and we'd like to set the record straight.”
The company stressed that it has no intention of shutting down or seeking bankruptcy protection, adding that it is confident in its ability to manage its financial obligations.
Far from winding down, Kodak said it expects to repay, extend, or refinance its existing debt and preferred stock before they come due. The company also forecast that by early next year, after planned transactions are completed, it will hold its strongest balance sheet in years and be “virtually net debt free.”
It described the “going concern disclosure” mentioned in its SEC filing as a technical requirement under accounting rules rather than an indication of imminent financial distress.
Kodak also addressed its ongoing pension fund transaction, for which it has been preparing over a lengthy period. The company expects to receive approximately $500 million in assets in December 2025, after meeting all obligations to pension participants.
This will be split into roughly $300 million in cash and $200 million in investment assets, the latter of which will be converted into cash. Under existing loan agreements, the $300 million in cash will be used to repay term debt, with the remaining $177 million in term debt and $100 million in preferred stock to be addressed afterwards.
In the meantime, Kodak said its operations remain stable and self-sustaining, with the company using just $3 million in cash during Q2 2025 – primarily on growth initiatives – a marked improvement over the previous quarter. It also made clear that it does not intend to use funds from the pension transaction to finance day-to-day operations.
The statement reinforced that Kodak will “continue to meet our obligations to all pension fund participants” and is focused on reducing debt while investing in long-term business growth.
The statement concluded with a note of confidence about the future:
“In short, Kodak is confident in its plan to meet all its obligations and optimistic about its future.”
For those seeking additional financial details, the company pointed to its Form 10-Q filed with the SEC on August 11, 2025, which includes further disclosures and cautionary language about forward-looking statements.
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