The End of Kodak?

[Paul Adsett]

Today's AOL news:

Eastman Kodak, the 133-year-old photography company, is warning investors thats it might not survive much longer.

In its earnings report Monday, the company warned that it doesn’t have “committed financing or available liquidity” to pay its roughly $500 million in upcoming debt obligations. “These conditions raise substantial doubt about the company’s ability to continue as a going concern,” Kodak said in a filing.

Kodak aims to conjure up cash by ceasing payments for its retirement pension plan. It also said that it doesn’t expect tariffs to have “material impacts” on its business because it manufactures its many of its products, including cameras, inks and film in the United States.

“In the second quarter, Kodak continued to make progress against our long-term plan despite the challenges of an uncertain business environment,” said Kodak CEO Jim Continenza in the earnings release.

[Steve Klare]

In a world where Sears, Roebuck and Co. has gone extinct, anything is possible!

Nothing is permanent.

Kodak was shaky something like 35 years ago and there was a billboard near their Rochester, New York hometown that said "Will the last one to leave Rochester please turn out the light?". It means a great deal to them up there. They have a saying "When Kodak sneezes, Rochester says 'God BLESS you!'".

[Ed Gordon]

Here is what Google's AI has to say:

The landscape of motion picture film manufacturing has evolved significantly with the rise of digital technologies. While the demand for film has decreased compared to its peak, several companies continue to produce film stock for both cinema and photographic use.


Here are some of the major players in motion picture film manufacturing:

• Eastman Kodak (Kodak): A historic giant in the photography and film industry, Kodak remains a key manufacturer of motion picture film stocks, including color and black and white films. They've been a major force in film innovation throughout the history of cinema, including pioneering innovations like safety film base and color negative film.
• FUJIFILM: Another significant player, Fujifilm produces various film types, including those for cinema. While they have scaled back some of their film offerings, they continue to cater to the film photography and cinema markets.
• Harman Technology (Ilford Photo): Operating under the Ilford Photo brand, Harman Technology specializes in producing black and white film and photographic papers. They also have the Kentmere brand under their wing, focusing on black and white film and papers.

Other smaller manufacturers and brands

Besides these major players, other companies contribute to the film stock market by specializing in particular types of film or by repackaging and distributing film from larger manufacturers. Some examples include:

• Foma: Known for its range of black and white films.
• Adox: Offers a variety of black and white films.
• Film Ferrania: An Italian company with a history in film production, now experiencing a revival.
• CineStill: A smaller company that modifies existing film stock for specific cinematic aesthetics.
• Lomography: Specializes in producing and distributing unique and experimental film stocks.

The state of the film industry

While the dominance of digital filmmaking is undeniable, film still holds a niche in the industry, particularly for high-end cinematic productions and projects seeking a particular aesthetic. However, the film industry, including manufacturers, has faced challenges due to the shift to digital and recent disruptions like the COVID-19 pandemic and Hollywood strikes. Film companies are adapting by embracing hybrid production workflows and focusing on specific segments of the market.

It appears that Kodak is the last major manufacturer of motion picture film. FUJIFILM Motion picture film stock was Discontinued 2013. Ilford is no longer a player in motion picture film.

Film Ferrania seems to be the last hope for motion picture film if Kodak folds.

Sad days for film lovers. It reminds me of Mark Twain's comment on literature:

[Thomas Dafnides]

It is hard to believe the major Hollywood studios would allow Kodak to go under, most of the Best Picture Oscar winners in the last 10 years have been shot on Eastman film. I

[Brian Fretwell]

Of course the film manufacturing arm might be bought up by another company and, no doubt, reduced in size.

[Dominique De Bast]

If Kodak stops manufacturing filmstock, it's a disaster.

[Larry Arpin]

I wonder if Christopher Nolan could buy Kodak just to keep shooting on film? But that kind of industry needs plenty of support and it wouldn't be cheap to operate even in a reduced capacity.

[Osi Osgood]

If it was to fold, this wonderful rennisance of Super 8 releases, would come to an end, as soon as the available raw film stock was used up. Truly, a sad day. 😞

[Steve Klare]

I take it in the same direction and a little different, too.

I've been shooting Super-8 films since I was in high school and as pricy as Kodak cartridges have become in recent years, if Kodak stops producing them they will become way too expensive to buy, assuming somebody else bothers making them at all. If Kodak goes through a restructuring S8 film will be considered a "legacy product", and probably something to be left behind.

I am here now because around 2001 I first got internet access and one of the first questions I asked was "When did Super-8 die out?". The answer I got shocked me so thoroughly that I bought 5 cartridges of K-40 that day. A couple of months later I found out about Derann and went into sound, too.

Nothing is forever, but what a great quarter century I've had! Anything I'd done in film before then is pretty pale in comparison!

(Thank You, Internet!)

[Charlie Peich]

Kodak responds to media talk...... (Hello Doug and Steve)

https://www.kodak.com/en/company/blo...media-reports/

[Osi Osgood]

Great reply, Steve, and that Kodachrome is going to look outstanding long after even the real memories fade from our hearts, and all we have left is those brilliant images. I can look at that footage I shot of my little brothers up in Yellowstone, ( I shot with a sound camera, in scope), and try to remember, were they really that young? Reaching out my hands to the screen, wishing I can touch them again, and climb into that moment. If it sounds like a tear jerker, it is.

[Steve Klare]

Thanks, Osi!

I have a lot of Super-8 of my son growing up. My one regret along those lines is I've never shot sound.

We have this whacky friend in Brooklyn that inherited some Super-8 films. Once we sorted out her uncle's extremely low-budget porn (If this stuff had a soundtrack, I'm sure it would end with "BANG-BANG-BANG!!!, OPEN THE DOOR! THIS IS THE POLICE!". -apparently he was The Guy from his Lodge that owned a movie projector!), we also found many reels of Kodachrome family home movies dating back from when our friend was an early teenager. Every so often she brings a reel out, I go through her uncle's splices, and she gets to attend something like Thanksgiving 1970 again and see her parents, much younger than she is today, alive and well. (-so apparently among her friendships, I am The Guy that owns a movie projector! -no Porn! -no Police!)

Thanks Charlie!

Thanks for the enlightenment!

-always nice to hear from you!

[Ed Gordon]

From Google this morning:

AI Overview

No, Kodak is not stopping film production and has recently reaffirmed its commitment to manufacturing film, even expanding its production. While the company faced financial challenges and some media reports suggested potential business closure, Kodak has clarified that these reports are misleading and that it has no plans to cease operations.

Here's a more detailed breakdown:

• Kodak's Commitment:
  Kodak has a long-term supply agreement with Kodak Alaris, a major customer, that extends to 2028, according to a Reddit post.

• Continued Demand:
  The company continues to see demand for both still and motion picture film, even among younger generations who grew up with digital cameras.
• Financial Stability:
  Kodak has stated that it is confident in its ability to manage its debt obligations.
• Plant Modernization:
  Kodak has temporarily paused film production for factory upgrades and modernization to meet growing demand.
• No Plans to Cease Operations:
  Despite financial challenges, Kodak has publicly stated it has no plans to cease operations or file for bankruptcy.
• Resurgence in Film Photography:
  Analog photography has experienced a resurgence in popularity, which has contributed to Kodak's continued investment in film production.
• Example of Continued Investment:
  A YouTube video discusses how Kodak is recalibrating Vision 3 film, indicating ongoing research and development efforts.

In conclusion, while Kodak has faced challenges and temporary production pauses for factory upgrades, it is actively working to meet the ongoing demand for film and has no plans to stop production

[Rob Young]

Crikey, slight panic there but seems no need to worry just yet. Reminds me of that time a couple of years back when I bulk bought A1/231 and A1/232 projector bulbs because they weren’t going to be allowed to make them anymore….

[Douglas Meltzer]

Rob,

I agree, however I'd say it's because the coverage gets phrased in a dramatic fashion to draw more attention.

Charlie,

Hi and thanks for the link! I'm putting that statement from the company blog here.

Statement Regarding Misleading Media Reports

Media reports that Kodak is ceasing operations, going out of business, or filing for bankruptcy are inaccurate and reflect a fundamental misunderstanding of a recent technical disclosure the Company 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.

The most important things to know are:

• Kodak has no plans to cease operations, go out of business, or file for bankruptcy protection.
• To the contrary, Kodak is confident it will repay, extend, or refinance its debt and preferred stock on, or before, its due date.
• When the transactions we have planned are completed, which is expected to be early next year, Kodak will have a stronger balance sheet than we have had in years and will be virtually net debt free.
• The "going concern disclosure" is a technical report that is required by accounting rules.
• We will continue to meet our obligations to all pension fund participants.

Pension Fund Transaction
Kodak has been preparing for the pension plan termination for some time and expects to receive approximately $500 million of assets – after meeting our obligations to all pension fund participants – in December 2025 when the transaction closes. Approximately $300 million of the funds are expected to be cash, and approximately $200 million are expected to be investment assets that will be converted into cash.

Kodak's Debt Position
To provide context, Kodak currently has $477 million of term debt and $100 million of preferred stock outstanding. Kodak is required by its loan documents to use the $300 million of cash expected to be received in December to repay term debt. Kodak can then address the remaining $177 million of term debt and $100 million of preferred stock.

Kodak's Ongoing Operations
In addition to our focus on reducing debt and interest payments, we believe our business is stable and self-sustaining. In Q2 2025 we used only $3 million in cash, primarily to invest in growth initiatives, a significant improvement compared with Q1, and we do not plan to rely on cash from the pension fund transaction to fund our operations.

In short, Kodak is confident in its plan to meet all its obligations and optimistic about its future.
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