Eastman Kodak Co's $765 million loan agreement with the U.S. government to produce pharmaceutical ingredients has been put on hold due to 'recent allegations of wrongdoing,' the U.S. International Development Finance Corp (DFC) said.
FILE PHOTO: A worker cleans a Kodak booth at the Las Vegas Convention Center in preparation for 2019 CES in Las Vegas, Nevada, U.S. January 6, 2019. REUTERS/Steve Marcus/File Photo
Earlier this week, senior Democratic lawmakers asked federal regulators to investigate securities transactions made by the company and its executives around the time it learned it could receive the government loan.“We will not proceed any further unless these allegations are cleared,” the DFC said. It was referring to a letter of interest it signed on July 28 with Kodak.
Kodak shares surged more than 1,000% last week after the loan was announced, generating a windfall for executives, some of whom had received options one day earlier.
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