Eastman Kodak, once a titan of the photography industry, has issued a stark warning about its financial future, admitting it may not have the funds or liquidity to continue operating. In a recent financial report released on Monday, 11 August, the company disclosed that it is grappling with debts totalling approximately £390 million (converted from $500 million), with no secured financing in place to address them.
The company’s statement included the alarming phrase “substantial doubt” regarding its ability to remain in business—an unusually candid admission for a corporation of Kodak’s historic stature. In a desperate bid to stay afloat, Kodak is considering tapping into its employee pension fund to reduce part of its debt burden. Additionally, it plans to renegotiate its remaining obligations by extending deadlines, altering terms, or seeking new financing options.
A spokesperson told CNN that Kodak remains “confident” in its ability to repay a significant portion of the loan before maturity and reaffirmed its intention to restructure its outstanding debts and preferred shares. However, this optimism sharply contrasts with the sombre tone of the official report.
Founded by George Eastman in 1880, Kodak revolutionised photography with the release of its first camera in 1888 and went on to dominate the global market for much of the 20th century. At its peak in 1996, the company was valued at £24.2 billion (converted from $31 billion). However, its downfall was swift and largely self-inflicted.
In 1975, Kodak engineer Steve Sasson developed the first working digital camera. Yet, fearing that digital technology would cannibalise its profitable film business, Kodak’s leadership shelved the innovation. This strategic misstep allowed rivals like Canon, Nikon, and Fujifilm to seize the digital market. In 2024, Canon reported profits nearing £1.6 billion, and Fujifilm earned approximately £1.3 billion—figures that underscore the missed opportunity Kodak could have capitalised on.
After declaring bankruptcy in 2012, Kodak re-emerged as a smaller entity. Now, over a decade later, it faces another existential threat. The coming months will be critical in determining whether the company can survive once more or if the curtain will finally fall on this once-iconic brand.
