The Strategist

US authorities will check Kodak after $ 765 loan is approved

08/05/2020 - 05:58

The US Securities and Exchange Commission (SEC) has launched an investigation into the situation of Eastman Kodak Co. and its loan worth $ 765 million, The Wall Street Journal reported, citing sources.

Viktor Nagornyy via flickr
Viktor Nagornyy via flickr
According to the publication’s interlocutors, the check has just begun. The SEC is looking into how Kodak handled the disclosure of the loan, which began to surface on July 27. On news of a possible loan, the company's shares went up by 300%.

The allocated government loan was approved by the US government Kodak to establish a pharmaceutical manufacturing facility for Kodak Pharmaceuticals. It is about the production of generics, as well as the antimalarial drug hydroxychloroquine. According to the WSJ, the involvement of Kodak in the production of medicines is part of Donald Trump's strategy to reduce the US dependence on the supply of medicines from abroad, in particular from India and China.

The World Health Organization (WHO) has concluded that hydroxychloroquine “does not cause, or practically does not cause” a decrease in mortality among hospitalized patients with COVID-19.