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Outsourcing

Kodak loan to enter drug business is put on hold

by Michael McCoy
August 14, 2020 | A version of this story appeared in Volume 98, Issue 31
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A US development bank has halted plans to lend money to Eastman Kodak after allegations of financial wrongdoing. Kodak wants to use the $765 million loan to enter the pharmaceutical chemical business and help the US boost domestic production of critical drugs. But Kodak’s stock price suspiciously jumped about 25% the day before the loan was announced. It was later disclosed that company executives received stock options around the time it began talks with the US. Kodak says it has hired an outside law firm to conduct a review.

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