Iconic US film company Kodak warns it may go out of business
The American company, which revolutionized the amateur photography, warns that it can be out of work after more than 130 years.
Rochester based New York Eastman Kodak Co.. On Tuesday, August 12, he followed the second quarter damage rolling in early transactions and presented a gloomy picture of his financials in earnings reports and files.
Iconic brand Say on Monday, August 11 Government Applications It is an “important doubt” about the company’s ability to continue because it faces more than $ 470 million debt and cuts its retirement plan to survive.
“Kodak has the debt to be paid within twelve months and does not commit to financing or existing liquidity to fulfill these debt obligations if they become in accordance with the current conditions.” He said.
With the introduction of Kodak #1 camera in 1888, Kodak became one of the most iconic American companies in the late 19th century and made photography accessible to the daily person. Although it came to the forefront for film photography products, He struggled to adapt to the changing sector Digital imaging took over, with the company Bankruptcy Application in 2012. It has followed in recent years Special chemicals and medicines.
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Latest Profit reportKodak said that their consolidated revenues were 263 million dollars at the end of the quarter of June 30. Gross snow decreased by 12% compared to the second quarter of last year, Kodak announced and the cash balance is $ 155 million, and since the end of December, a slightly less than 23% loss indicates.
Jim Continenza, Chairman of the Executive Officer of Kodak, said that there is no “financial effect” on the work of tariffs and that many products such as printing plates, films, ink presses and ink and pharmaceutical materials draw attention to the production of domestic production.
Kodak’s Chief Finance Manager David Bullwinkle said in a statement made on August 11th that the company plans to focus on the advanced chemicals and material industry progressing forward and went to pay the debt of the retirement program.
Authority, the company until Friday, August 15, how to meet the debt obligations “to have a clear understanding” expects to expect.
“In the second half of the year, we will continue to focus on reducing costs and transforming our investments into long -term growth in the second half of the year.” He said.
