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Eastman Kodak

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Eastman Kodak is reporting its 2020 financial results, which included adjusted net income of $10 million for 2020, compared to a $36 million loss in 2019.

Sales totaled just over $1 billion, down about 17% from the $1.2 billion in revenues Kodak had in 2020.

“Kodak successfully managed through 2020 despite the challenges of the pandemic,” said Executive Chairman and CEO Jim Continenza during an investor call.

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Eastman Kodak is announcing a number of financial transactions that provides access to new capital, deal with debt and strengthen Kodak’s ability to invest in strategic growth opportunities.

In a financial filing and press release Monday, the company said that, together, the transactions provide up to $310 million to invest in growth opportunites in Kodak’s core businesses of print and advanced materials and chemicals.

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A government watchdog agency has found no wrongdoing in the process that led up to the announcement of a proposed loan to Eastman Kodak in the summer. The loan did not come to fruition after concerns about how the loan details came together.

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A top Kodak official said the company still plans to move ahead with its pharmaceutical business, even if it doesn’t get a government loan.

Kodak CEO Jim Continenza told investors on the company's quarterly earnings conference call Tuesday that the company still wants to push ahead with its plans for making ingredients used in pharmaceuticals, even with the questions raised in the summer that caused the federal government to put a hold on a $765 million loan to the company. Continenza made similar comments at a conference last month held by the Wall Street Journal.

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Eastman Kodak CEO Jim Continenza says the company will continue to move forward in making drug ingredients for generic pharmaceuticals, even if it doesn't get help from the federal government. Continenza made the comments at a tech conference sponsored by the Wall Street Journal Monday.

Eastman Kodak is releasing findings from an internal review of its financial dealings in connection with the allegations swirling around the possibility it might get a $765 million federal loan to make ingredients used in pharmaceuticals.

The company commissioned an independent legal review of issues including how stock options were granted to executives, and the timing of the announcement of the potential loan.

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The inspector general of the federal agency that helped put together a planned $765 million dollar loan for Eastman Kodak is reviewing that deal.

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A top White House official is blasting Kodak for how the company has handled a potential government loan to make pharmaceutical ingredients.

White House Trade Advisor Peter Navarro made the comments on CNBC on Monday when asked about that $765 million federal loan that Navarro and other officials talked about last month for the Rochester company.

Kodak’s top official is talking about the status of the company’s potential federal loan, a deal which has created a lot of controversy in recent days.

Executive Chairman Jim Continenza made a few brief comments about the potential loan during the company’s second-quarter earnings conference call on Tuesday.

The $765 million loan, announced two weeks ago, would help Kodak gear up to make ingredients used in generic drugs.

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Eastman Kodak shares tumbled on Monday, after a federal agency said last Friday that it would hold off on moving ahead with a $765 million loan to the company to help it make ingredients used in generic drugs. The stock fell nearly 28%, to $10.73 a share on Monday.

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