The more than 130-year-old Eastman Kodak Co. is cautioning on its business operations, but says it is confident it will be able to work out upcoming debt obligations.
“Kodak has debt coming due within 12 months and does not have committed financing or available liquidity to meet such debt obligations if they were to become due in accordance with their current terms,” the company wrote in a regulatory filing. “These conditions raise substantial doubt about Kodak's ability to continue as a going concern.”
The Rochester, New York-based company said that it had $155 million of cash and cash equivalents as of June 30, with $70 million held within the U.S.
Kodak said in a statement on Tuesday that the going concern language in its regulatory filing is essentially a required disclosure because its debt comes due within 12 months of the filing.
“Kodak 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,” the company said.
Last year Kodak said that it would end its retirement income plan in order to pay down debt, according to The Wall Street Journal. Kodak Chief Financial Officer David Bullwinkle said in a statement on Monday that the company expects to know by Friday how it will satisfy its obligations to pay all pension plan participants and foresees completing the reversion by December.
Founded by George Eastman in 1880, Eastman Kodak Co. is credited with popularizing photography at the start of the 20th century and was known all over the world for its Brownie and Instamatic cameras and its yellow-and-red film boxes. It was first brought down by Japanese competition and then an inability to keep pace with the shift from film to digital technology.
Kodak filed for bankruptcy protection in 2012 after struggling with increasing competition, continuing growth in digital photography and growing debt. The company wound up selling off many of its businesses and patents, while shutting down the camera manufacturing unit that first made it famous. It received approval for its plan to emerge from court oversight a year later. At the time, Kodak was looking to recreate itself as a new, much smaller company focused on commercial and packaging printing.
Kodak is now nearing completion on a manufacturing plant to create regulated pharmaceutical products. The company already makes unregulated key starting materials for pharmaceuticals. Production at the retrofitted facility is expected to start later this year.
Shares slid more than 25% in midday trading.
FILE - The Eastman Kodak Company world headquarters is visible in Rochester, New York, on Friday, April 29, 2022. (AP Photo/Ted Shaffrey, File)
CHICAGO (AP) — Matt Shaw was watching TV with his wife when she got a notification on her phone: Alex Bregman had agreed to a contract with the Chicago Cubs.
Shaw was Chicago's regular third baseman during his rookie season, so he wondered what the move meant for him.
“You're kind of looking at it like ‘Oh man, where am I going to play?’ And you get a little anxious about those things,” Shaw said Friday at the team's annual fan convention. "The team knows me good enough at this point to know I just want to be prepared when the season comes around.
“So of course I immediately have questions like ‘Am I going to go here? Am I going to go there?’”
The answer to many of those questions was yes.
Shaw is preparing for a super-utility role after Chicago finalized a $175 million, five-year contract with Bregman on Wednesday. In addition to backing up Bregman at third and Nico Hoerner at second, Shaw also is expected to play in the outfield.
There is always the possibility of a trade with Hoerner, who is going into the last year of a $35 million, three-year contract, or Shaw, a first-round pick in the 2023 amateur draft who turned 24 in November. But the Cubs sound as if they are inclined to hold on to their infield depth as an insurance policy for injuries.
“I don’t think we have enough guys yet,” manager Craig Counsell said with a chuckle. “If you think there’s too many, I don’t know what you’re looking at.”
Counsell said the team was “fortunate” last year in terms of injuries.
“We’re now protecting a lot against what can happen, but I think that’s an important part of building a roster and building a team,” he said.
Hoerner, 28, was a key performer last season as Chicago won 92 games and reached the playoffs for the first time since 2020. He batted .297 with seven homers, 61 RBIs and 29 steals in a career-best 156 games. He also won his second Gold Glove.
Amid increased trade speculation in the wake of Bregman's deal, Hoerner said he loves the Cubs and attributed the rumors to his contract situation and playing in a big market.
“I think, above all, just remembering that it’s not a personal thing and that the team’s job is to always make the best possible roster that they have the ability to do for this year and for years to come,” he said. “And you look at the things that we’ve done this offseason, I think it’s pretty evident that’s their goal. And we’re in a really strong place.”
Dansby Swanson, Hoerner's double-play partner at shortstop, said the second baseman was irreplaceable.
“Nico means the world to me and to this team, just who he is as a person,” Swanson said. “He brings the same type of energy and competitive spirit that Alex does.”
Shaw was relatively inexperienced at third base going into last season, but he was named a Gold Glove finalist in October. Shaking off a slow start and a stint in the minors, he hit .226 with 13 homers, 44 RBIs and 17 steals in 126 games with the Cubs.
Shaw was a shortstop growing up in Massachusetts, but he spent some time as an outfielder early in his collegiate career at the University of Maryland.
“I played outfield growing up a lot, so I look forward to running around out there,” he said. “Outfield's definitely fun. And the at-bat stuff, I think there's at-bats there, and obviously it's up to me as it's up to all the guys to earn their spots and to play well.”
Shaw also is looking forward to playing with Bregman, a two-time World Series champion with Houston.
“We had a great year last year. We had a lot of great pieces,” Shaw said, “and then you add Bregman and it's like, you look at this team up and down and we're in an amazing spot.”
AP MLB: https://apnews.com/mlb
FILE - Chicago Cubs' Nico Hoerner hits a sacrifice fly ball during a baseball game against the San Diego Padres, Sept. 30, 2025, in Chicago. (AP Photo/Nam Huh, File)
FILE - Chicago Cubs third baseman Matt Shaw prepares to field the ball during the a baseball game, Oct. 6, 2025, in Milwaukee. (AP Photo/Kayla Wolf, File)
