Eastman Kodak, the 133-year-old name once synonymous with photography, has warned that it may not be able to keep operating for much longer. In their latest earnings report, the company admitted it has no committed financing or available liquidity to meet roughly $500 million in debt obligations coming due. Shares tumbled more than 25% on the news. Not long ago, we explored film vs. digital in a piece on shooting with Kodak Vision 3, and it wasn’t all that long ago the company made an attempt to revive the Super 8 camera. Now, though, Kodak faces serious challenges, and it’s fair to wonder what the next chapter might hold. The company says it’s looking for ways to buy time, from stopping payments to its retirement pension plan to refinancing its remaining debt. CEO Jim Continenza insists the company is making progress “despite the challenges of an uncertain business environment,” and according to a Kodak spokesperson who spoke to CNN, they’re confident they can pay down a large portion of the loan before it comes due. Image Credit: Wikimedia Commons A little history of Kodak It’s a sobering moment for a company that once dominated its field. Kodak was founded in 1892, though its roots date to George Eastman’s first plate-coating patent in 1879. The company made photography accessible to the masses. The first Kodak camera was sold for $25, with Eastman’s famous promise: “You push the button, we do the rest.” By the 1970s, Kodak commanded 90% of US film...
Published By: CineD - Yesterday