Kodak is in a Cash Crunch
Kodak (NYSE:EK) is apparently having a tough time raising desperately-needed cash. According to sources, the firm is having problems both in borrowing money and selling some of its patents. Kodak is going to have to make something happen, though, in order to avoid bankruptcy court.
Kodak has been meeting with a consortium of hedge funds including Highbridge Capital Management LLC and Cerberus Capital Management LP to discuss new financing .
Here’s how Kodak is trading on the news:
Eastman Kodak Co. (NYSE:EK): EK shares recently traded at $0.79, down $0.04, or 4.82%. They have traded in a 52-week range of $0.54 to $5.95. Volume today was 2,064,645 shares versus a 3-month average volume of 12,074,300 shares. The company’s trailing earnings are $-4.62 per share. Get the most recent company news and stock data here >>