Kodak says he may have to close the shop

The iconic photography society Kodak could go bankrupt within a year. The 13333 -year -old American company warned investors on Monday in a regulatory file that there is “substantial doubt”.

In the file, Kodak warned that it had “the debt to come in the twelve months and did not commit funding or liquidity available to comply with these debts obligations if they were to become due in accordance with their current terms”. The company added that these conditions “raise substantial doubt about Kodak’s ability to continue active”.

Although Kodak presented the first digital camera in the world in 1973, the company failed to follow changing times, because everyone is now wearing a camera in their 24/7 pocket, which makes cameras and independent films less relevant for most people.

“In the second quarter, Kodak continued to progress against our long -term plan despite the challenges of an uncertain commercial environment,” Kodak CEO Jim Convenza said in the second quarterly report of the company on Monday.

During his last quarter, Kodak declared a net loss of $ 26 million. Since the end of last year, the company has burned $ 46 million in cash, which left it only $ 155 million. Meanwhile, Kodak has approximately $ 500 million in debt.

Kodak did not immediately respond to a request for comments from Gizmodo. However, a company spokesperson told CNN on Tuesday that she was “confident that she could reimburse a large part of her long-term loan long before she became due, and modify, extend or refinance our remaining debt and / or the proper shares.”

Kodak said last year he would end his pension plan to help reduce his debt.

“The termination of our Kodak retirement income regime in the United States and the subsequent reversion of surplus funds to repay the debt is progressing as planned,” said Kodak financial director David Bullwinkle, in the company’s results report.

This is not the first time that the company has faced financial difficulties. He filed a record in 2012. Since then, the company has extended to other industries that it considers to have growth potential, including commercial printing services and the manufacture of advanced chemicals.

In 2018, Kodak even jumped on the blockchain and cryptocurrency train, announcing its intention to launch a new digital token called Kodakcoins. These tokens were intended to feed Kodakone, a rights management platform based on the blockchain designed to help photographers register and conceded to new and existing work via a large secure digital book.

But the project has never taken off and Kodak finally abandoned the plan.

Now, the company highlights its last passage in pharmaceutical products. The company opens a manufacturing installation in Rochester, NY, to produce key starting ingredients for medicines.