Eastman Kodak Co. warned that there is “substantial doubt” about its ability to continue operating after concluding it lacks the liquidity or committed financing needed to cover almost $500 million of debt maturing within the next year, according to an Aug. 11 filing with the U.S. Securities and Exchange Commission. The 133-year-old company reported just $155 million in cash and equivalents as of June 30. Chief Financial Officer David Bullwinkle said Kodak intends to terminate its U.S. pension plan, which covers about 35,000 participants, and reclaim an estimated $530 million to $585 million after taxes to pay down debt. Management expects clearer details on the move by Aug. 15 and aims to complete the reversion by December while also exploring refinancing and maturity extensions. Investors reacted sharply: Kodak’s shares (ticker KODK) plunged as much as 25% in New York trading on Tuesday, extending a month-long slide driven by concerns over the company’s balance-sheet strain. Second-quarter results underscored the pressure. Revenue slipped 1% year-on-year to $263 million and the firm swung to a $26 million net loss from a $26 million profit. Kodak, which emerged from bankruptcy in 2013, is trying to pivot toward commercial printing, advanced materials and pharmaceutical ingredients, but said those businesses have yet to offset the erosion of its legacy film and imaging operations.