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Kodak's $765 Million Federal Loan Held Up Over 'Serious Concerns'

Added 08-09-20 01:54:06pm EST - “Board members bought stock before the announcement Kodak would be using U.S. money to manufacture drugs, including Trump-touted hydroxychloroquine.” - Huffpost.com

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Posted By TheNewsCommenter: From Huffpost.com: “Kodak's $765 Million Federal Loan Held Up Over 'Serious Concerns'”. Below is an excerpt from the article.

A massive $765 million federal government loan to help Eastman Kodak Co. retool to speed production of ingredients for COVID-19 drugs  — including controversial hydroxychloroquine — has been held up over “serious concerns” following allegations of “wrongdoing,” a federal agency announced.

“Recent allegations of wrongdoing raise serious concerns,” the U.S. International Development Finance Corporation said in a tweet late Friday of the company that once dominated the camera and film industry. “We will not proceed any further unless these allegations are cleared.”

The Securities and Exchange Commission is already investigating the deal. Kodak’s board also said Friday that it’s launching a review of the loan, Bloomberg reported.

On July 28, we signed a Letter of Interest with Eastman Kodak. Recent allegations of wrongdoing raise serious concerns. We will not proceed any further unless these allegations are cleared.

The Wall Street Journal first reported Tuesday that the SEC was investigating Kodak stock purchases by company board members and stock options granted to them before the deal was announced July 28. Company shares jumped more than 2,000% in the days after the deal was reported, according to Bloomberg.

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