Kodak declines bankruptcy rumours

In response to rumors circulating in the capital markets, the company issued the following statement: “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.”

According to PMA Newsline, Kodak hired the global law firm, Jones Day, for restructuring advice, signaling its intensifying efforts to ensure it has the financial wherewithal to complete a difficult strategic and financial revamp. “It is not unusual for a company in transformation to explore all options and to engage a variety of outside advisers, including financial and legal advisers.” Kodak said in a press release. ”Jones Day is one of a number of advisers that Kodak is working with in that regard.”