Kodak gives sad update after one fatal mistake turned it from a $31,000,000,000 photography company to bankrupt

Kodak has given a bleak update on its future as a company.

Kodak was the leading photography company for most of the 20th century. It was founded in 1880 by George Eastman and eight years later Kodak released its first camera.

Fast forward to 1996 and and the business was reportedly worth an eye-watering $31,000,000.

Less than two decades later .all of this changed though, and Kodak found itself filing for bankruptcy in 2012. Why? Because it seemingly failed to move with the technologically advanced times, despite having a member of staff who had created a digital camera for Kodak.

In 1975, engineer Steve Sasson is said to have come forward with a digital camera design, but his work was poo-pooed by Kodak as it was under the impression that the film-less cameras would negatively impact the company's profits.

Kodak was once a hugely profitable company (Brandon Bell/Getty Images)

While Kodak stuck with its film cameras, the likes of Canon, Nikon, and Fujifilm went on to go digital and have reaped the rewards by doing so.

According to Forbes, Canon made almost $2 billion in profits last year, while Fuijifilm made $1.7 billion in profits in 2024.

While Kodak filed for bankcrupty over a decade ago, it has continued to run as a business; but that might all change in the near future.

In an update given by the company on Monday (August 11), it warned that might have to finally close up shop.

Per CNN, an earnings report said that Kodak doesn't have 'committed financing or available liquidity' to pay its roughly $500 million in upcoming debt obligations.

"These conditions raise substantial doubt about the company’s ability to continue as a going concern," the business warned.

Kodak was reluctant to move away from film cameras (Nikos Pekiaridis/NurPhoto via Getty Images)

As to how it plans on creating the cash, reportedly Kodak will stop payments for its retirement pension plan.

The report stated: "Kodak’s plans to adequately fund its preferred stock and debt obligations when they become due are to use the proceeds from the expected reversion of cash to the Company upon settlement of obligations under the Kodak Retirement Income Plan to reduce the amount of term debt and to amend, extend or refinance its remaining debt and preferred stock obligations."

A Kodak spokesperson has addressed the matter and told CNN that it is 'confident it will be able to pay off a significant portion of its term loan well before it becomes due, and amend, extend or refinance our remaining debt and/or preferred stock obligations'.