Shares of Eastman Kodak Co fell about 40per cent on Monday and were on track for their worst single-day decline after the U.S. government blocked a US$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.
The U.S. International Development Finance Corp was slated to grant the loan to Eastman Kodak, which is looking to move deeper into the pharmaceutical arena.But alarms were raised after 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.
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