Kodak Shifts Into Drug Production With Help of a $765 Million U.S. Loan (WSJ Paywalled)

[KWR65]

Onetime photography leader is shifting into production of drug ingredients using a loan provided under the Defense Production Act
Eastman Kodak Co. has won a $765 million government loan under the Defense Production Act, the first of its kind. The purpose: to help expedite domestic production of drugs that can treat a variety of medical conditions and loosen the U.S. reliance on foreign sources.

The onetime leader in photography sales is gearing up to produce ingredients for a number of generic drugs, including the antimalarial drug hydroxychloroquine that President Trump has touted in the treatment of coronavirus. Meanwhile, the U.S. is aiming to shift from relying on countries such as China and India, Kodak Chief Executive Jim Continenza and U.S. officials said.

The loan is from the U.S. International Development Finance Corporation, a government agency akin to a bank, the officials said. The loan is the first of its kind under the Defense Production Act, which the Trump administration has previously invoked to speed the production of Covid-19 related supplies such as ventilators.

https://www.wsj.com/articles/kodak-lands-765-million-u-s-loan-in-start-of-medical-supply-chain-fix-11595930400?mod=hp_lead_pos3

[soothsayer]

1. Yeah just watched cuomo on it

[Grins]

2. Give me 3-quarters of a billion dollars ...

...and I would, too!

Say, isn’t that “Soshilism!!!”? Shouldn’t “the invisible hand” of the free market be pissed over that?

[mahatmakanejeeves]

3. Kodak is up EXPONENTIALLY since TUESDAY. There was a massive increase in trading volume on MONDAY.

Aaron Rupar Retweeted

Kodak stock is up EXPONENTIALLY since TUESDAY, when Trump announced that it was providing $750 million loan to help the company get into generic drugs

But there was a massive increase in trading volume on MONDAY

Link to tweet

[eleny]

4. Trading was so volatile that trading Kodak stock was stopped several times this morning

It was valued around $4 after the market closed yesterday and opened around $19.