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Eastman Kodak’s stock plummets after report that government loan being withheld

Eastman Kodak’s stock plummets after report that government loan being withheld

Published: Aug. 10, 2020 at 6:36 a.m. ETBy 

Tomi Kilgore

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Shares of Eastman Kodak Co. KODK, -7.63% plummeted 45% in active premarket trading Monday, after reports the U.S. International Development Finance Corp. is withholding its planned $765 million loan after the deal came under regulatory scrutiny. The stock had rocketed 13-fold in two days, after it was announced on July 28 that the IDFC would provide Kodak a the loan to help produce the ingredients to maker generic drugs. Under question how Kodak controlled the disclosure of the loan, as the stock soared 25% in active trading the day before the news was reported, amid active stock option trading. Kodak disclosed on Friday that it appointed a special committee to oversee and internal review of recent activity by the company and related parties in connection with the announcement of the potential government loan. As of Friday’s close of $14.88, the stock had pulled back 55% since July 29.

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About the Author

Tomi Kilgore

Tomi Kilgore is MarketWatch’s deputy investing and corporate news editor and is based in New York. You can follow him on Twitter @TomiKilgore.

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