Kodak says that the reports of his eminent disappearance are very exaggerated

The fears have swirled that Kodak, one of the last major cinema companies in the world, could soon close its doors. These fears were stimulated by a regulatory file released on Monday, in which the company talked about its debt charge and a lack of liquidity to reimburse it. However, the company has since emerged to deny that it will make its doors close soon.

“The media reports that Kodak ceases operations, bankruptcy or bankruptcy is inaccurate and reflects a fundamental misunderstanding of recent technical disclosure that the company made to the dry in its report on the second quarter results recently filed,” the company said in a press release published on Thursday. “These articles are misleading and lack a critical context, and we would like to set the record straight.”

The disclosure of Monday said that the company had “debt due in the twelve months” and that it had not “committed funding or available liquidity to comply with these debt obligations if they were to become due in accordance with their current terms”. This gain of debt includes some $ 477 million in term debt, as well as $ 100 million in circulation in circulation, said the company.

The company’s plan to reimburse this debt partly involves selling retirement plans for its employees. Democrat and Chronicle reports that, last November, the company announced a plan to sell $ 764.4 million in its retirement system. Some 35,000 employees receive a company’s pension, reports the Wall Street Journal. The sale could lead to a “cash gain of $ 585 million that Kodak would use to reduce debt and invest in its activities,” said the newspaper.

In its update on Thursday, the company said: “Kodak is preparing to terminate the pension plan for some time and plans to receive around $ 500 million in assets – After Faches our obligations to all participants in pension funds – in December 2025, when the transaction ends. About $ 300 million in funds should be in cash, and around $ 200 million should be investment assets that will be converted into cash. »»

The company also explained its plans as follows: “Kodak is required by its loan documents to use the 300 million dollars in cash which should be received in December to reimburse the debt to the duration.

Kodak now says that he is “confident that he will reimburse, will extend or refinance his debt and his privileged actions, or before, his deadline”. He also described the recent regulations to file a “technical report required by accounting rules” and said that he had “no plan to stop ceasing operations, go bankrupt or file a protection against the balance sheet”. Gizmodo contacted Kodak for more information.

The moviegoers have expressed concerns about Kodak’s difficulties, because the company is one of the biggest contemporary suppliers of movies in the film industry. The company also sells an assortment of cameras and also provides digital services.