Kodak Is ‘Optimistic’ and Has ‘No Plans to Go Out of Business’

During an earnings report on Monday, Kodak warned of “substantial doubt” about its ability to pay impending debts, causing concern that the 133-year-old photography company would soon shut down. Now Kodak says it is confident it will be fine.

Kodak’s debts are tremendous. As CNN initially reported on Monday, the photo and film company has roughly $500 million in debt obligations slated to come due soon. In its earnings report, Kodak said it does not have “committed financing or available liquidity” to cover its massive debts.

“These conditions raise substantial doubt about the company’s ability to continue as a going concern,” Kodak said in its filing.

However, on Tuesday, Eastman Kodak told PetaPixel in a statement that it is “confident it will be able to pay off a significant portion of its term loan well before it becomes due, and amend, extend or refinance our remaining debt and/or preferred stock obligations.”

Unsurprisingly, the news on Monday sent Kodak shares (KODK) tumbling, although they have rebounded somewhat. Stocks are down nearly 19% this week but up over 7% so far today. Over the past 12 months, Kodak’s stock has been up over 20%, although the company’s share price has been down nearly 31% overall over the past five years in total.

In its second-quarter 2025 financial results report published on Monday, Kodak explained that its revenue is down about 1% compared to Q2 2024, but gross profits are down a much higher 12% over the same period.

Kodak Executive Chairman and CEO, Jim Continenza, touted the company’s broad production capacities in the United States, expressing hope that it would help Kodak perform relatively well against ongoing and unpredictable American tariffs on imported goods. Nonetheless, the company blamed weak sales and increasing costs for its troubled performance.

Following the reports of its potential demise on Monday, Kodak not only issued a revised statement on Tuesday, which PetaPixel added to its initial coverage, but then published a follow-up blog post yesterday to address what Kodak describes as “misleading media reports.”

“Media reports that Kodak is ceasing operations, going out of business, or filing for bankruptcy are inaccurate and reflect a fundamental misunderstanding of a recent technical disclosure the Company made to the SEC in its recently filed second quarter earnings report. These articles are misleading and missing critical context, and we’d like to set the record straight,” Kodak writes.

Kodak reiterates that it “has no plans to cease operations, go out of business, or file for bankruptcy protection.”

“To the contrary, Kodak is confident it will repay, extend, or refinance its debt and preferred stock on, or before, its due date,” the company continues. “When the transactions we have planned are completed, which is expected to be early next year, Kodak will have a stronger balance sheet than we have had in years and will be virtually net debt free.”

Kodak plans to address its nearly $477 million in debt through pension plan termination.

“Kodak has been preparing for the pension plan termination for some time and expects to receive approximately $500 million of assets — after meeting our obligations to all pension fund participants — in December 2025 when the transaction closes,” the company explains.

Approximately $300 million of these funds are expected to be cash, while another $200 million in investment assets will be converted into cash.

“In addition to our focus on reducing debt and interest payments, we believe our business is stable and self-sustaining. In Q2 2025 we used only $3 million in cash, primarily to invest in growth initiatives, a significant improvement compared with Q1, and we do not plan to rely on cash from the pension fund transaction to fund our operations,” Kodak explains.

“In short, Kodak is confident in its plan to meet all its obligations and optimistic about its future,” the optimistic company concludes.