Australian photo/imaging trade news site Inside Imaging has kept on top of the ongoing financial saga of Kodak Alaris. In a post this week, the site notes the financially troubled Eastman Kodak Co. spinoff, now owned by a U.K. pension fund, has been underperforming for years. Now primarily composed of the Kodak Moments photography business and the Alaris document business, the company was extended an existing US$50 million line of credit through to 2025.
Despite earlier concerns from auditor KPMG being “clearly concerned about the ‘going concern’ status of the group,” the article said, the pension fund committed to the US$50 million funding through to 2025.
“Kodak Alaris made a loss in both 2021 (US$39 million) and 2022 (US$17 million), and its cash position dropped from US$79 million to US$71 million,” the article said. “It had net liabilities of US$8 million in 2021 and US$25 million in 2022.”