Kodak Says It Has No Plans to File for Bankruptcy Despite Financial Struggles

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Kodak has denied media reports suggesting it could shut down operations or face bankruptcy, even after its latest earnings report raised concerns about the company’s long-term viability.

In a statement, the company pushed back against speculation, emphasizing that it plans to “repay, extend, or refinance” its debt and expects its financial position to improve by early 2026. Kodak currently carries $477 million in debt and $100 million in outstanding preferred shares. It aims to pay creditors $300 million by the end of 2025, with the remainder to be settled afterward.

Earnings Show Losses, Debt Pressure

On August 12, Kodak reported its Q2 2025 results:

Revenue: $263 million (vs. $267 million in Q2 2024)

Net loss: $26 million (vs. $26 million profit in Q2 2024)

In the report, Kodak acknowledged there is “substantial doubt” about its ability to continue operating due to its financial challenges — language that caught the attention of The Wall Street Journal. However, in a separate interview with CNN, the company said it remains confident it can repay a “significant portion” of its obligations.

Market Reaction

Following the earnings release, Kodak’s shares fell more than 25% to $5.05. By August 15, the stock had partially recovered to $5.90.

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Kodak’s situation almost feels like déjà vu. Every few years, the company has to reassure the market it won’t collapse, yet the financials keep painting a different picture. A $26M quarterly loss on top of $477M in debt is no small burden — especially in a shrinking traditional print and film market. Yes, management says they’ll refinance and repay, but creditors aren’t going to ignore the “substantial doubt” language in the filings. That’s the kind of phrasing that makes institutions nervous. The bounce from $5.05 back to $5.90 shows traders are speculating on survival, but the long-term story looks like Kodak is in a race against time. Without a bold pivot (AI imaging, digital archiving, or even partnerships in niche industrial printing), the company risks sliding into irrelevance again.

[Nahid10]

The denial of bankruptcy talk is expected — no company wants that headline lingering — but the numbers don’t lie. Revenues flat year-over-year, losses mounting, and a debt wall of nearly half a billion dollars. Even if Kodak manages to kick the can down the road with refinancing, investors have to ask: what’s the growth engine here? Unlike NVIDIA or Adobe, Kodak hasn’t really carved out a dominant niche in the digital economy. At best, they might stabilize through cost-cutting and restructuring, but Wall Street will need to see proof of positive cash flow before sentiment changes. Right now, this looks less like a turnaround story and more like damage control. The next 12 months will determine whether Kodak is still a viable player or just a legacy brand trying to delay the inevitable.