{"id":15258,"date":"2011-09-27T11:03:00","date_gmt":"2011-09-27T10:03:00","guid":{"rendered":"http:\/\/amateurphotographer.co.uk\/uncategorized\/kodak-shares-plunge-after-160m-loan-call-update-5-28pm-15258"},"modified":"2014-09-02T15:05:23","modified_gmt":"2014-09-02T14:05:23","slug":"kodak-shares-plunge-after-160m-loan-call-update-5-28pm","status":"publish","type":"post","link":"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/kodak-shares-plunge-after-160m-loan-call-update-5-28pm\/","title":{"rendered":"Kodak shares plunge after $160m loan call (update 5.28pm)"},"content":{"rendered":"

\"Kodak<\/img>In 2007, Kodak used explosives<\/a> to demolish two buildings at its head office in the US. It said the buildings were no longer needed following the move to digital<\/em><\/p>\n

Shares in Eastman Kodak fell by more than 25%<\/a> after the iconic photography brand announced it was borrowing $160m<\/a> for ?general corporate purposes?.<\/strong><\/p>\n

Fears grew<\/a> over Kodak?s future as its share price dropped almost 27%.<\/p>\n

The news comes as the firm continues to struggle to make a profit, and amid reported concerns about its ability to compete in the cut-throat digital camera market.<\/p>\n

In July, Kodak reported a $179m second quarter loss from continuing operations, compared with a \u00a3167m loss on the same period in 2010.<\/p>\n

The company blamed the rising cost of raw materials such as silver and aluminium, and ?investments to drive digital growth initiatives?.<\/p>\n

Kodak currently has arrangements to borrow up to $400m, according to the Financial Times<\/a>.<\/p>\n

Kodak announced it was drawing on the credit line in a regulatory filing<\/a> dated 23 September, which is published on the US company’s website.<\/p>\n

In a press statement, Kodak said its cash flow is ‘highly seasonal’. <\/p>\n

A spokesman said: ‘This revolving credit facility has been a part of Kodak’s cash-management tool kit for quite some time.’<\/p>\n

He added: ‘We are a global company with the majority of our cash and revenues overseas. <\/p>\n

‘For global cash-management reasons, we elected to draw on our revolver. And we are committed to meeting all our obligations.’<\/p>\n

Earlier this year, Kodak would neither confirm nor deny<\/a> a report that it planned to cut compact camera production in the wake of a 25% slump in revenue. <\/p>\n

In 2007, Kodak declared that DSLR cameras were not worth making<\/a>, as it pledged to focus on mass market compacts and post-capture products such as digital picture frames.<\/p>\n

Four years ago, Kodak used explosives<\/a> to demolish two buildings at its head office in Rochester, United States.<\/p>\n

Bosses said the premises were no longer needed following the move to digital.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shares in Eastman Kodak fell by more than 25% after the iconic photography brand announced it was borrowing $160m for \u2018general corporate purposes\u2019.<\/p>\n","protected":false},"author":324,"featured_media":15259,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[39],"tags":[],"product-category":[],"class_list":["post-15258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-photo-news"],"yoast_head":"\nKodak shares plunge after $160m loan call (update 5.28pm) - Amateur Photographer<\/title>\n<meta name=\"description\" content=\"Shares in Eastman Kodak fell by more than 25% after the iconic photography brand announced it was borrowing $160m for \u2018general corporate purposes\u2019.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/kodak-shares-plunge-after-160m-loan-call-update-5-28pm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kodak shares plunge after $160m loan call (update 5.28pm)\" \/>\n<meta property=\"og:description\" content=\"Shares in Eastman Kodak fell by more than 25% after the iconic photography brand announced it was borrowing $160m for \u2018general corporate purposes\u2019.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/kodak-shares-plunge-after-160m-loan-call-update-5-28pm\/\" \/>\n<meta property=\"og:site_name\" content=\"Amateur Photographer\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/Amateur.photographer.magazine\" \/>\n<meta property=\"article:published_time\" content=\"2011-09-27T10:03:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2014-09-02T14:05:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/other.kelsey.host\/amateurphotographer\/wp-content\/uploads\/sites\/16\/2011\/09\/kodak.low_.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"480\" \/>\n\t<meta property=\"og:image:height\" content=\"242\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Megan Graye\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@AP_Magazine\" \/>\n<meta name=\"twitter:site\" content=\"@AP_Magazine\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Megan Graye\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/kodak-shares-plunge-after-160m-loan-call-update-5-28pm\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/kodak-shares-plunge-after-160m-loan-call-update-5-28pm\/\"},\"author\":{\"name\":\"Megan Graye\",\"@id\":\"https:\/\/other.kelsey.host\/amateurphotographer\/#\/schema\/person\/09a37c0ec6db00d983eb2045e99ff2f1\"},\"headline\":\"Kodak shares plunge after $160m loan call (update 5.28pm)\",\"datePublished\":\"2011-09-27T10:03:00+00:00\",\"dateModified\":\"2014-09-02T14:05:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/kodak-shares-plunge-after-160m-loan-call-update-5-28pm\/\"},\"wordCount\":334,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/kodak-shares-plunge-after-160m-loan-call-update-5-28pm\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/other.kelsey.host\/amateurphotographer\/wp-content\/uploads\/sites\/16\/2011\/09\/kodak.low_.jpg\",\"articleSection\":[\"Latest news\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/kodak-shares-plunge-after-160m-loan-call-update-5-28pm\/\",\"url\":\"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/kodak-shares-plunge-after-160m-loan-call-update-5-28pm\/\",\"name\":\"Kodak shares plunge after $160m loan call (update 5.28pm) - 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