Eastman Kodak Co. cautioned in its second-quarter filing that it does not have committed financing or sufficient liquidity to cover about $500 million of debt coming due within the next 12 months, adding that the circumstances "raise substantial doubt" about its ability to continue as a going concern. The Rochester, New York-based imaging and printing company ended June with $155 million in cash and cash equivalents and reported a net loss of $26 million, swinging from a profit a year earlier. Investors reacted sharply; the stock dropped more than 25 % on 12 August and remained under pressure in subsequent trading. Management said it intends to retire a significant portion of the term loan well before maturity by drawing on roughly $300 million it expects to receive from the reversion of its U.S. pension fund, slated for December. Kodak is also exploring amendments, extensions or refinancing of its remaining debt and preferred-stock obligations. Chief Executive Officer Jim Continenza and Chief Financial Officer David Bullwinkle stressed that the disclosure reflects accounting rules rather than an imminent collapse, saying the company is "confident" it can meet its obligations and improve its balance sheet. The warning is the latest setback for the 145-year-old firm, which filed for bankruptcy in 2012 and later shifted its focus to commercial printing, advanced materials and pharmaceutical ingredients while seeking to capitalise on a recent resurgence in demand for film.