Iconic film company Kodak has issued a strongly-worded statement denying it is “ceasing operations, going out of business, or filing for bankruptcy”.
The denial follows a report earlier this week that it would be unable to pay roughly $500 million in upcoming debt obligations.
However, the company said there had been a “fundamental misunderstanding” of a recent technical disclosure it made to the SEC in its recently filed second quarter earnings report.
“These articles are misleading and missing critical context, and we’d like to set the record straight,” said Kodak.
In fact, Kodak insisted it is “confident it will repay, extend, or refinance its debt and preferred stock on, or before, its due date”.
When the transactions are completed, which is expected to be early next year, Kodak said it will have a stronger balance sheet than it has had “in years” and will be “virtually net debt free”.
“In short, Kodak is confident in its plan to meet all its obligations and optimistic about its future,” added the company.
The Eastman Kodak Company was founded by George Eastman and Henry A Strong in 1892.
