Eastman Kodak, once the undisputed king of photography, is staring down a financial lens that could spell the end of its storied existence. In its latest earnings report, the company revealed a stark truth: it may not survive the year.
Kodak says it lacks the cash or committed financing to cover nearly $500 million in looming debt, casting “substantial doubt” on its ability to continue operating.
To conserve funds, it’s freezing payments to its retirement pension plan — a move that could free up hundreds of millions but also signals desperation.
Despite the grim outlook, CEO Jim Continenza insists Kodak is “making progress” on its long-term strategy. A company spokesperson told CNN they’re confident they can pay down a large chunk of the debt early and restructure the rest. Investors aren’t convinced — Kodak’s stock plunged over 25% in a single day.
Founded in 1892, Kodak revolutionized photography with George Eastman’s simple slogan: “You press the button, we do the rest.” By the 1970s, Kodak owned 90% of the U.S. film market and 85% of camera sales.
Ironically, it invented the digital camera in 1975 — but failed to embrace it, clinging to film as the world moved on.
The company filed for bankruptcy in 2012, weighed down by $6.75 billion in debt and over 100,000 creditors. A brief resurgence came in 2020 when Kodak was tapped to produce pharmaceutical ingredients, sparking a stock rally. But the momentum didn’t last.
Today, Kodak still manufactures film and chemicals, including for Hollywood productions, and licenses its brand for consumer products. But without fresh financing, even these nostalgic niches may not be enough to keep the lights on.
One of America’s most iconic brands — a name synonymous with memories — could soon become just that: a memory.
