After 133 years, a bankruptcy , and multiple reinventions , Kodak’s latest snapshot is grim: The company says there’s “substantial doubt” it can stay in business.

In a quarterly filing released Monday alongside its second-quarter earnings report, Kodak’s management raised serious concerns about its ability to continue operating over the next year. The warning stems from roughly $500 million in debt maturing within 12 months and the lack of committed financing to cover those obligations. Without new funding or successful refinancing, the company could default, they said.

The note’s stark language sent Kodak’s shares tumbling, sliding 21% to $5.43 as of Wednesday morning.

Deep strains in earnings

For the second quarter ended June 30, Kodak booked $263 million in revenue, which wa

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