Major US photography brand warns it could go out of business
The iconic photography firm struggling to survive
- Eastman Kodak Co. has issued a warning stating there is "substantial doubt" about its ability to remain operational due to impending debt obligations.
- The company's shares plummeted by over 13 per cent following the announcement of its financial difficulties.
- A regulatory filing revealed Kodak lacks committed financing or sufficient liquidity to meet debt due within the next 12 months.
- Kodak reported 155 million in cash and cash equivalents as of June 30, with only70 million of that held within the US.
- The company, which filed for bankruptcy in 2012, is now nearing completion of a manufacturing plant for regulated pharmaceutical products, aiming to start production later this year.