Eastman Kodak Co. is working with a number of advisers including the law firm Jones Day “to explore all options” for its business, it said in a statement Friday as it continues its effort at a difficult strategic and financial revamp.
The 131-year-old unprofitable imaging company stressed it has no intention to file for bankruptcy and plans to continue making debt payments.
The Wall Street Journal had reported earlier Friday that the firm had hired Jones Day restructuring lawyers. The news contributed to a 54 percent plunge in Kodak’s share price, which closed at 78 cents, its lowest level since June 1935, according to Global Financial Data.
Shares climbed 33 percent to $1.03 following the company’s after-hours statement.
Kodak operates a plant in Windsor that makes thermal media, motion-picture film and color paper. The plant employs nearly 2,000 workers, according to the company’s website.
“Kodak is committed to meeting all of its obligations and has no intention of filing for bankruptcy,” the company said. Kodak added that it continues to pursue the sale of a potentially very valuable chunk of its patent portfolio.
