Shrugging off widely reported speculations in the capital markets that the Eastman Kodak Co. may be filing for protection under the U.S. Bankruptcy Code, the 131-year-old imaging company issued a statement Friday saying it was committed to meeting its obligations, and had no plans to file for bankruptcy protection.
Kodak is committed to meeting all of its obligations, and has no intention of filing for bankruptcy. The company also continues to actively pursue its previously announced strategy to monetize its digital imaging patent portfolio. Kodak remains focused on meeting its commitments to customers and suppliers, and on delivering on its strategy to become a profitable, sustainable digital company, Kodak said in the statement.
Kodak shares tumbled by more than half their value Friday after the company hired law firm Jones Day, which is known for handling bankruptcy cases.
The Rochester, N.Y.-based company on Monday tapped a credit line for $160 million. The move scared the markets, and the company's share price dropped to a then-38-year low that day.
Meanwhile, Fitch Ratings and Moody's Investors Service downgraded Kodak's credit ratings. A Fitch analyst said it was probable Kodak would default on some of its debt obligations.