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Home / Business / Kodak US $ 765 million federal loan for generic drugs is suspended until allegations are made.

Kodak US $ 765 million federal loan for generic drugs is suspended until allegations are made.



KODK) for its generic drug manufacturing breakthrough until the company was removed from insider trading allegations. “data-reacttid =” 19 “> The federal government is suspending a loan of 765 million dollars to Eastman Kodak Company (NYSE: KODK) forged a breakthrough in conventional medicine production until the company is cleared of insider trading allegations.

What happened

declare late on Friday. “data-reacttid =” 21 “>” On July 28, we signed a Letter of Interest with Eastman Kodak. Recent allegations of misconduct raise serious concerns, ”the US International Development Finance Corporation said in a statement late Friday.

“We will not proceed further unless these allegations are removed.”

The independent federal agency signed a letter of intent with the former photography giant about the loan, which would be used to produce drugs in shortages in the country.

Why is it important?

investigation from the US Securities and Exchange Commission in connection with the loan disclosure on July 27, causing the company’s shares to rise 25% on the same day. “data-reacttid =” 29 “> Kodak is reported to be facing an investigation from the US Securities and Exchange Commission regarding the loan disclosure on July 27, prompting public shares. company increased 25% in the same day.

The committee is also said to be looking at stock options granted to Kodak’s executives, including the company’s CEO Jim Continenza, according to the Wall Street Journal.

The CEO was given the option to buy 1.75 million shares, the day before the loan was disclosed, a quarter of which was awarded on the date the loan was granted.

Kodak announced an internal investigation to look into matters related to the government’s controversial deal on Friday.

Price action

Kodak shares fell nearly 7.6 percent to $ 14.88 on Friday and fell another 0.54 percent in after-hours trading.




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