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Home / Business / Kodak resolves controversy over a $ 765 million loan suspension amid SEC investigation, saying ‘more work needs to be done’

Kodak resolves controversy over a $ 765 million loan suspension amid SEC investigation, saying ‘more work needs to be done’



Eastman Kodak CEO Jim Continenza said on Tuesday “more work is needed” to secure a planned $ 765 million government loan to manufacture pharmaceutical supplies. However, several days after the deal was suspended amid allegations by company officials to be improper.

“Please note that the announcement two weeks ago was just a letter of interest, signed for a potential loan,”

; Continenza said during Kodak’s second quarter earnings call. “More work is needed to come forward. The potential loan announced is about the ability to produce major starting materials and active pharmaceutical ingredients for essential generic drugs in the country and on a much larger scale. “

SEC INVESTIGATION KODAK DISCLOSURES US $ 765 million LOAN

Kodak shares fell sharply earlier this week after the US International Development Finance Corporation said its $ 765 million loan was being withheld amid allegedly “serious concern”. The Securities and Exchange Commission is investigating the company’s proceedings to disclose the deal, as well as stock funding for Continenza and other top executives just hours before the loan announcement.

Earlier Tuesday, the Wall Street Journal reported that a Kodak board member, George Karfunkel, donated $ 116 million to a religious nonprofit on July 29, one day. after the loan is announced. Kodak’s shares were at their highest level since 2014.

KODAK CURRENCY LIKE USD 765 million WHEN HOLDING

Kodak declined to comment further on the deal. The company has conducted an independent internal review of potential government loan disposition.

Ticker Protect Final Change Change %
KODK EASTMAN KODAK CO., LTD. 10.01 -0.72 -6.71%

The company did not answer any questions during its earnings call.

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White House Press Secretary Kayleigh McEnany said President Trump took the allegations of misconduct very seriously, adding that the loan will not proceed until the charges are removed.

Kodak reported a second quarter loss of 8 cents per share. Quarterly sales were $ 213 million, down from $ 307 million in the same period a year earlier.

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