133岁的「柯达胶卷」，要破产了

Core Viewpoint - Eastman Kodak Company is facing a significant operational crisis due to a $500 million debt due in 12 months, with no financing channels available, leading to a warning about its ability to continue operations [3][6]. Financial Performance - In Q2, Kodak reported revenue of $263 million, a year-on-year decline of 1%, with gross profit of $51 million, down 12%. The company incurred a net loss of $26 million, contrasting with a net income of $26 million in the same period last year [6]. - Kodak's cash and cash equivalents stand at $155 million, while it faces a $500 million debt due within a year [6]. Debt Crisis - The company has warned that it currently lacks feasible financing options to repay the upcoming debt, raising significant doubts about its ability to continue operations [6]. - Kodak plans to terminate pension payments and has announced a $500 million pension asset return plan to reduce debt [6]. Strategic Challenges - Kodak's long-term transformation has been unsuccessful, with fluctuating business strategies and a lack of focus on core competencies [7]. - The company has attempted to pivot towards specialty chemicals and pharmaceutical products, investing "tens of millions" in new laboratories and manufacturing facilities, despite skepticism about its experience in generic drug production [7]. Historical Context - Kodak was once a dominant player in the imaging industry, controlling 75% of the global photography equipment market and 90% of profits in the 1930s [12]. - The company failed to adapt to the digital camera revolution, missing opportunities to lead in the digital space due to management's reluctance to shift from its profitable film business [15][16]. Recent Developments - Kodak's attempts to diversify into blockchain technology and pharmaceuticals have not yielded significant success, with past initiatives failing to meet expectations [8][16]. - The current high-interest environment has made it difficult for Kodak to secure financing, further threatening its survival [8]. Potential Opportunities - Despite its challenges, Kodak possesses a valuable patent portfolio related to imaging and chemical technologies, which could attract potential buyers [8]. - There has been a slight resurgence in demand for film due to retro trends, which may provide some financial relief [8].