Kodak shares lost more than a quarter of their value after news that a planned $765 million loan to the company was put on hold amid congressional and regulatory scrutiny
Eastman Kodak Co. shares lost more than a quarter of their value Monday after news that a planned $765 million loan to the company was put on hold as the deal has come under congressional and regulatory scrutiny.
The U.S. International Development Finance Corp. announced plans last month to loan Kodak the funds to produce drug ingredients at its factories. But in a tweet late Friday, the agency said that “recent allegations of wrongdoing raise serious concerns. We will not proceed any further unless these allegations are cleared.”
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Kodak shares plunge after U.S. blocks $765 million loan dealShares of Eastman Kodak Co fell about 40% on Monday and were on track for their worst single-day decline after the U.S. government blocked a $765 million loan to the company, which was going to make drug ingredients for use in possible COVID-19 vaccines, because of 'alleged wrongdoing' by executives.
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Eastman Kodak's $765 million U.S. loan agreement on hold after recent allegationsEastman 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.
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Eastman Kodak's $765 million U.S. loan agreement on hold after recent allegationsEastman 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.
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