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19 August 2020
Kodak's $765 million Government Loan Put On Hold
ROCHESTER . NEW YORK—
Kodak’s multi-million dollar loan deal with the US government has been put on hold pending an investigation by the House of Representatives . A investigation into the $765m loan deal, including executive share purchases made just prior to the announcement. The news about the government loan resulted in a huge increase in Kodak’s share price. The US Government said that it would not proceed with the loan until the allegations, which had raised “serious concerns”, were cleared.
At the end of July Kodak announced they were moving into pharmaceutical manufacturing with US government backing. Kodak will be revamping it's facilities in Rochester and St Paul for the new Pharmaceuticals operation, which will make ingredients for generic pharmaceuticals, components Which the US Government said is critical to the American people and US national security.
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