The American company credited with revolutionizing amateur photography is warning it could go out of business after more than 130 years.
The Rochester, New York-based Eastman Kodak Co. offered a bleak picture of its financials in earnings reports and filings, tracking a second quarter loss and sending shares tumbling in early trading Tuesday, Aug. 12.
The iconic brand said in Monday, Aug. 11 government filings that there is "substantial doubt" about the company’s ability to continue, as it faces more than $470 million in debt and slashes its pension plan in an attempt to remain afloat.
"Kodak has debt coming due within twelve months and does not have committed financing or available liquidity to meet such debt obligations if they were to become due in accordance with their current terms," the company said in its filings to the Securities and Exchange Commission.
Kodak became one of the most iconic American companies in the late 19th century with the introducton of the Kodak #1 camera in 1888, credited with making photography accessible to the everyday person. Though it rose to prominence for its film photography products, it struggled to adapt to the changing industry as digital imaging took over, with the company filing for bankruptcy in 2012. In recent years, it has pursued specialty chemicals and pharmaceuticals.
