Core Viewpoint - Kodak has issued a statement clarifying that recent media reports about the company ceasing operations, terminating business, or filing for bankruptcy are inaccurate and reflect a fundamental misunderstanding of its recent SEC disclosures [4][5]. Financial Position - Kodak has no plans to cease operations, terminate business, or file for bankruptcy protection [5]. - The company is confident in its ability to repay, extend, or refinance debts and preferred stock before or at maturity [5]. - Following planned transactions expected to complete in early next year, Kodak's balance sheet is projected to significantly improve, nearly achieving net debt elimination [5]. Pension Plan - Kodak has been preparing to terminate its pension plan and expects to receive approximately $500 million in assets upon completion of the transaction by December 2025, including about $300 million in cash and $200 million in cash-convertible investment assets [5][6]. Debt Situation - Currently, Kodak has $477 million in loans and $100 million in issued preferred stock. According to loan agreements, $300 million of the expected cash from the pension plan transaction must be used to repay loans [6]. - Kodak plans to manage the remaining $177 million in loans and $100 million in preferred stock separately [6]. Operational Viability - The company emphasizes its focus on reducing debt and interest expenses while maintaining a stable and self-sustaining business model [6]. - In Q2 2025, Kodak utilized only $3 million in cash primarily for growth investments, showing significant improvement compared to Q1, and has no plans to rely on cash from the pension plan transaction to fund operations [6]. Future Outlook - Kodak expresses confidence in fulfilling all obligations and maintains an optimistic outlook for the future [7].

Core Viewpoint - Kodak has denied rumors of impending bankruptcy, stating that reports about ceasing operations or filing for bankruptcy are inaccurate. However, the company faces significant challenges due to its past failure to transition from film to digital technology and ongoing market competition [1][2]. Financial Performance - In Q2, Kodak reported revenue of $263 million, a year-on-year decline of 1%. Gross profit was $51 million, down 12%, and the company incurred a net loss of $26 million, compared to a net income of $26 million in the same period last year [3]. - As of the end of Q2, Kodak had cash and cash equivalents of $155 million, a decrease of $46 million from December 31 of the previous year, primarily due to growth plan expenditures, rising costs, and declining operational profitability [3]. Debt and Future Outlook - Kodak has expressed confidence in its ability to meet all obligations and plans to reduce debt and interest expenses. The company aims to repay a significant portion of its debt before maturity and is optimistic about its future prospects [3]. - Kodak expects to extract approximately $300 million in cash from the Kodak Retirement Income Plan (KRIP) by December this year to assist in debt repayment, which would significantly improve its balance sheet [3]. Historical Context and Transformation - Founded in 1892, Kodak was a leader in the photography market, holding a 75% market share in the 1930s. However, it failed to adapt to the digital revolution, leading to a bankruptcy filing in 2012 with total debts of $6.75 billion [4]. - Post-bankruptcy, Kodak has shifted its focus to commercial printing, packaging, and materials science, aiming for a "smaller but more refined" business model [5]. Market Trends and Competitors - Kodak is exploring opportunities in specialty chemicals and pharmaceutical products, investing tens of millions of dollars in new laboratories and manufacturing facilities [6]. - The resurgence of instant photography products, such as those from Fujifilm, indicates a potential revival in film-related markets, with Fujifilm reporting significant revenue growth in its imaging sector [6][7].

Core Viewpoint - Kodak has clarified that recent media reports suggesting the company is ceasing operations, terminating business, or filing for bankruptcy are inaccurate and reflect a fundamental misunderstanding of its recent SEC disclosures [4][5]. Group 1: Operational Status - Kodak has no plans to cease operations, terminate business, or file for bankruptcy protection [5]. - The company is confident in its ability to repay, extend, or refinance debts and preferred stock before or at maturity [5]. Group 2: Financial Position - Kodak expects to significantly strengthen its balance sheet after planned transactions are completed in early next year, aiming for nearly zero net debt [5]. - The company has $477 million in loans and $100 million in issued preferred stock, with a requirement to use approximately $300 million from expected asset sales to repay loans by December 2025 [9]. Group 3: Pension Plan - Kodak has been preparing to terminate its pension plan and anticipates receiving approximately $500 million in assets upon completion of the transaction by December 2025, including around $300 million in cash and $200 million in convertible investment assets [8]. Group 4: Business Viability - Kodak's operations are described as stable and self-sustaining, with only $3 million in cash used for growth investments in Q2 2025, showing significant improvement compared to Q1 [10]. - The company expresses confidence in fulfilling all obligations and maintains an optimistic outlook for the future [10].

Core Viewpoint - Kodak faces significant uncertainty regarding its future operational viability due to debt pressure and cash flow difficulties, leading to a 20% drop in stock price following its Q2 earnings report [1] Financial Performance - Kodak reported Q2 revenue of $263 million, a year-over-year decline of 1%, and a net loss of $26 million compared to a net profit of $26 million in the previous year [1] - Cash reserves decreased from $201 million at the end of last year to $155 million [1] Debt Management - To raise funds for debt repayment, Kodak plans to suspend its U.S. employee retirement plan and expects to recover $300 million from the Kodak Retirement Income Plan (KRIP), with approximately $200 million being convertible to cash [2] - Kodak has $477 million in loans and $100 million in issued preferred stock, with a requirement to use the anticipated $300 million from KRIP for loan repayment by December 2025 [3] Operational Strategy - Kodak emphasizes its commitment to fulfilling obligations to all retirement fund participants while focusing on reducing debt and interest expenses [3] - The company reported a significant improvement in cash usage, only utilizing $3 million for growth investments in Q2, compared to the previous quarter [3] - Kodak's CEO stated that the company is actively seeking various channels to resolve its debt crisis, including early loan repayments and refinancing options [3] Historical Context - Founded in 1892, Kodak was a dominant player in the photography market, holding a 75% market share and 90% of profits in the 1930s [4] - The company failed to adapt to the digital transformation, leading to its bankruptcy filing in 2012 with debts totaling $6.75 billion, and subsequently restructured to focus on industrial printing, packaging, and brand licensing [4]

Core Insights - Eastman Kodak Company reported a net loss of $26 million for Q2 2025, contrasting sharply with a net profit of $26 million in the same period last year [2] - The company expressed significant concerns regarding its ability to continue as a going concern due to a lack of viable financing channels and available liquidity to repay approximately $500 million in debt maturing within the year [2] Financial Performance - Kodak's revenue for Q2 2025 was $263 million, a slight decline of 1% year-over-year [2] - Gross profit decreased by 12% to $51 million compared to the previous year [2] - The company's cash position at the end of the reporting period was $155 million, down $46 million from the beginning of the year [2] Debt and Financing Concerns - Kodak indicated that there are currently no definitive refinancing arrangements in place, leading to "high uncertainty" regarding the repayment of the $500 million debt [2] - To alleviate liquidity pressure, Kodak announced the immediate termination of pension payments and initiated a $500 million pension asset return plan to reduce debt [2] Strategic Focus - The company plans to continue capital expenditures in domestic pharmaceutical production and advanced materials (film, electric vehicle battery substrate coatings), although the scale will be constrained by cash flow [2] - Kodak's Executive Chairman and CEO, Jim Continenza, emphasized ongoing negotiations with creditors for debt extension or refinancing, expressing confidence in long-term growth prospects [3] - However, he acknowledged that if timely debt restructuring is not achieved, the company may have to consider all options, including asset disposals [3]

柯达公司8月19日发布关于误导性媒体报道的声明：一些媒体关于柯达即将停止运营、终止业务或申请 破产的报道是不准确的，反映了其对柯达近期向美国证券交易委员会（SEC）提交的第二季度财报中技 术性披露信息的根本性误解。这些报道存在误导性且缺乏关键背景信息，我们特此予以澄清。 需重点说明的事项如下：柯达公司没有停止运营、终止业务或申请破产保护的计划；相反，柯达有信心 在债务及优先股到期时或之前完成偿还、展期或再融资；待计划的交易预计于明年初完成后，柯达的资 产负债表将较近年显著增强，并将几乎实现净负债清零；"持续经营披露"是会计准则要求的一种技术性 报告；我们将继续履行对全体养老金计划参与者的义务。 （文章来源：21世纪经济报道） ...

Core Viewpoint - The company clarifies that recent media reports about Kodak ceasing operations, terminating business, or filing for bankruptcy are inaccurate and misleading [1][4]. Group 1: Operational Status - Kodak has no plans to cease operations, terminate business, or file for bankruptcy protection [5]. - The company is confident in its ability to repay, extend, or refinance debts and preferred stock before or at maturity [5]. - The planned transactions expected to complete by early next year will significantly strengthen Kodak's balance sheet, nearly achieving net debt elimination [5]. Group 2: Pension Plan and Assets - Kodak has been preparing to terminate its pension plan and expects to gain approximately $500 million in assets upon completion of the transaction by December 2025, including about $300 million in cash and $200 million in cash-convertible investment assets [7]. - The company has $477 million in loans and $100 million in issued preferred stock, with a requirement to use the anticipated $300 million cash from the pension plan transaction to repay loans [8]. Group 3: Financial Health - Kodak's business is considered stable and self-sustaining, with only $3 million in cash used for growth investments in Q2 2025, showing significant improvement compared to Q1 [9]. - The company does not plan to rely on cash from the pension plan transaction to fund its operations [9]. Group 4: Future Outlook - Kodak expresses confidence in fulfilling all obligations and maintains an optimistic outlook for the future [10].

Core Viewpoint - Kodak has clarified that recent media reports about its potential cessation of operations, business termination, or bankruptcy are inaccurate and misleading, stemming from a misunderstanding of its recent SEC filings [5] Group 1: Operational Status - Kodak has no plans to cease operations, terminate business, or file for bankruptcy protection [5] - The company is confident in its ability to repay, extend, or refinance debts and preferred stock before or at maturity [5] - Kodak expects significant enhancement of its balance sheet following planned transactions, aiming for nearly zero net debt [5] Group 2: Pension Plan and Financial Transactions - Kodak has been preparing to terminate its pension plan and anticipates receiving approximately $500 million in assets upon completion of the transaction by December 2025, including about $300 million in cash and $200 million in convertible investment assets [5] - The company is committed to fulfilling its obligations to all pension plan participants [5] Group 3: Debt Situation - Currently, Kodak has $477 million in loans and $100 million in issued preferred stock, with a requirement to use the anticipated $300 million cash from the pension plan transaction to repay loans [6] - Kodak plans to manage the remaining $177 million in loans and $100 million in preferred stock separately [6] Group 4: Business Viability - Kodak emphasizes that its business is robust and self-sustaining, with only $3 million in cash used for growth investments in Q2 2025, showing significant improvement compared to Q1 [6] - The company has no plans to rely on cash from the pension plan transaction to fund its operations [6] Group 5: Future Outlook - Kodak expresses confidence in fulfilling all obligations and maintains an optimistic outlook for the future [8]

人民财讯8月19日电，柯达中国公众号发布声明称，一些媒体关于柯达即将停止运营、终止业务或申请 破产的报道是不准确的，反映了其对柯达近期向美国证券交易委员会(SEC)提交的第二季度财报中技术 性披露信息的根本性误解。需重点说明的是，柯达公司没有停止运营、终止业务或申请破产保护的计 划；相反，柯达有信心在债务及优先股到期时或之前完成偿还、展期或再融资；待计划的交易预计于明 年初完成后，柯达的资产负债表将较近年显著增强，并将几乎实现净负债清零。 ...

Core Viewpoint - Kodak China issued a statement clarifying that media reports about the company ceasing operations, terminating business, or filing for bankruptcy are inaccurate and stem from a fundamental misunderstanding of the technical disclosures in its recent Q2 financial report submitted to the SEC [1][2]. Group 1: Operational Status - Kodak has no plans to cease operations, terminate business, or file for bankruptcy protection [5]. - The company is confident in its ability to repay, extend, or refinance debts and preferred shares before or at maturity [5]. Group 2: Financial Position - Kodak is preparing to terminate its pension plan and expects to gain approximately $500 million in assets upon completion of the transaction by December 2025, including about $300 million in cash and $200 million in convertible investment assets [4]. - Following the planned transaction, Kodak's balance sheet is expected to significantly improve, nearly achieving net debt elimination [5]. Group 3: Accounting and Obligations - The "going concern disclosure" is a technical report required by accounting standards [5]. - Kodak will continue to fulfill its obligations to all pension plan participants [5].