Amidst concerns raised by the capital markets regarding Eastman Kodak and its consultations with restructuring lawyers Jones Day, the company issued a statement to address the bankruptcy concerns:
“Kodak is committed to meeting all of its obligations and has no intention of filing for bankruptcy. The company also continues to actively pursue its previously announced strategy to monetize its digital imaging patent portfolio. Kodak remains focused on meeting its commitments to customers and suppliers, and on delivering on its strategy to become a profitable, sustainable digital company.
“It is not unusual for a company in transformation to explore all options and to engage a variety of outside advisers, including financial and legal advisers. Jones Day is one of a number of advisers that Kodak is working with in that regard.”
Last Friday, with bankruptcy predictions on the market’s mind, Kodak’s shares dropped more than half its value on the New York Stock Exchange. Share prices rebounded 57 percent on Monday after Kodak’s announcement it does not intent to file for bankruptcy, closing at $1.34. The company’s stock peaked in 1997 at $94.75.
According to the Wall Street Journal, Kodak has lost nearly US$1.8 billion since 2007. Last Monday Kodak announced it was borrowing US$160 million from a $400 million credit line.
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