Kodak, the iconic photography company, is facing significant financial challenges. In a regulatory filing, the 133-year-old Eastman Kodak Co. warned of "substantial doubt" regarding its ability to continue operations. The company indicated it may not have the financial resources to meet upcoming debt obligations. This warning comes as Kodak grapples with nearly $500 million in short-term debt and over $200 million in pension liabilities.

As of June 30, Kodak reported having $155 million in cash and cash equivalents, with $70 million of that held in the U.S. The company stated that it has debt due within the next 12 months and lacks committed financing or available liquidity to cover these obligations. "These conditions raise substantial doubt about Kodak's ability to continue as a going concern," the company noted in its filing.

Despite these challenges, Kodak expressed confidence in its ability to manage its debts. The company stated, "Kodak 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."

Kodak's financial troubles are not new. The company has struggled to adapt to the digital photography revolution, which began in the 1990s. This shift led to a bankruptcy filing in 2012, after which Kodak sold off many of its businesses and patents. The company has since focused on commercial and packaging printing.

Kodak is currently nearing completion of a new manufacturing plant aimed at producing regulated pharmaceutical products. The facility is expected to begin production later this year. In a statement, Chief Financial Officer David Bullwinkle mentioned that Kodak anticipates having clarity on how it will meet its pension obligations by August 15.

The company's stock took a hit following the announcement, with shares dropping 26% to $5.05 in early trading. Kodak's history includes the introduction of the first consumer cameras in the 1880s and the mass production of film rolls, which made photography accessible to many. Founded by George Eastman, Kodak was once a household name, known for its Brownie and Instamatic cameras and its distinctive yellow-and-red film boxes.