By Bruce Gil
The iconic photography company Kodak could go out of business within a year. The 133-year-old American company warned investors Monday in a regulatory filing that there’s “substantial doubt” it can keep its doors open unless it pays down its debts or renegotiates its terms.
In the filing, Kodak warned it has “debt coming due within twelve 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 added that these conditions “raise substantial doubt about Kodak’s ability to continue as a going concern.”
Although Kodak introduced the world’s first digital camera back in 1973, the company failed to keep up with the changing times, as everyone now carries a camera in their pocket 24/7, making standalone cameras and film less relevant for most people.
“In the second quarter, Kodak continued to make progress against our long-term plan despite the challenges of an uncertain business environment,” Kodak CEO Jim Continenza said Monday in the company’s second quarterly earnings report.
In its latest quarter, Kodak reported a $26 million net loss. Since the end of last year, the company has burned through $46 million in cash, leaving it with just $155 million on hand. Meanwhile, Kodak is carrying roughly $500 million in debt.
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