There has been considerable speculation over the past week about the potential impact of Kodak’s bankruptcy and the unfortunate outcome of a long-standing, highly regarded business.
News agencies and many self-proclaimed experts jump on the bandwagon and revel in Kodak’s demise without examining the facts. The reality is that Kodak’s downfall is not imminent. And how would I know this? A humble writer from nowhere in England?
I looked up the situation on Kodak’s website. Here is the statement posed on 13th August 2025:
Media reports claiming that Kodak is ceasing operations, going out of business, or filing for bankruptcy are incorrect and stem from a fundamental misunderstanding of a recent technical disclosure the Company made to the SEC in its latest second quarter earnings report. These articles are misleading and lack essential context, and we wish to clarify the facts.
The most important things to know are:
- Kodak has no plans to cease operations, go out of business, or file for bankruptcy protection.
- To the contrary, Kodak is confident it will repay, extend, or refinance its debt and preferred stock on or before its due date.
- When the transactions we have planned are completed, which is expected to be early next year, Kodak will have a stronger balance sheet than we have had in years and will be virtually net debt-free.
- The “going concern disclosure” is a technical report that is required by accounting rules.
- We will continue to meet our obligations to all pension fund participants.
Now, before any reader assumes that this statement by Kodak is simply a cover-up to hide the slight devaluation of their shares, it would be wise to think again. There are strict laws that prevent a share-based business from making false statements about solvency. Indeed, any company that takes this route is, of course, entering the realms of fraud and deception. In its statement on August 13th, Kodak clarified that, far from being insolvent, the company will make significant progress in the coming year, placing it in its best financial position in many years. So we can look forward to Kodak providing us with film for the foreseeable future. Why can I make this statement? Because Kodak is still producing miles of movie film stock, and this aspect of their production is very profitable indeed. And while the film production line is making a movie, it can also make other types of films.
Why is this so important to film photographers?
Well, apart from the obvious fact that without Kodak, we are left with Fujifilm as our only dependable and high-quality colour film option. Fuji produces excellent films; however, their production runs have been very limited or non-existent over the past year or so. This is set to change as their Chinese production facilities are now operational, and supplies are beginning to increase.
With only two film producers creating top-quality colour films, it is vital to carefully consider how and why we purchase film. We need to ask if other companies are indeed producing colour films. I doubt that there are many capable of producing superb-quality colour films in the same way as Kodak and Fuji. Those that do tend to sell such films as ‘experimental’ products with ‘artistic’ qualities. It is also possible that these films are byproducts of mainstream manufacturers; they might be films that did not meet strict quality control standards. I am sure that if this is the case, the sales would help offset the production costs for Kodak or Fuji. I have no interest in these films, and there are plenty of reviews and opinions available about this genre.
Ilford is now selling Ilfochrome 100, which is excellent; however, their website states that it is actually Eastman 5294 colour reversal film. This is, of course, a Kodak product. But wait a moment, it is slightly cheaper to buy than Kodak’s E100 Ektachrome; therefore, it is definitely worth trying.
Being Brand Faithful
Many photographers enjoy experimenting with all kinds of film. Good luck to them; they are discovering and searching for their photographic identity. I genuinely relate to this aspect of analogue photography; it keeps the art vibrant and aids retailers in a challenging business environment. However, I wonder how often photographers review the images made with these experimental films. I also ponder the randomness of the final results. Imagine the frustration of not being able to reproduce a style that truly resonates.
In my opinion, film and processing are costly. I now develop all my film, including monochrome, E6, and C41. My recently acquired AGO film processor has transformed the latter two processes. Home processing saves money if you use a lot of film, and for monochrome work, it is vital if you want to develop your artistic style.
I now only use a single brand of monochrome film: Ilford. No other company matches the depth and breadth of their inventory, nor provides access to an extensive catalogue of data sheets. Every film and chemical sold by Ilford has a downloadable data sheet, which is a valuable resource for all analogue photographers.
Street Photo – Ilford HP5 Plus – Pentax S1a – Takumar 50mm f/1.4
I choose to support Ilford because it’s clear that film needs manufacturers to survive. Although some excellent companies produce films, as prices continue to rise, demand is likely to decrease, which could affect the future of film production. Excessive manufacturing, combined with falling demand due to the high costs of a product, ultimately leads to businesses closing.
My loyalty lies with Kodak for colour film. The well-established company deserves support and allegiance. They have affirmed their commitment to film, and Kodak’s current strategy is to become debt-free within 18 months. I admire Fuji film, but they haven’t shown loyalty to their customers in recent years. Their failure to source the necessary chemicals for manufacturing film was cited as the reason for slow or halted production. Despite this, Kodak continued to produce colour emulsions. I’m not suggesting that Fuji will stop making film; in fact, they have heavily invested in Chinese production of colour negative film.
This does not mean I would not buy Fujichrome products if they were available. However, I need a strong reason to switch from using Kodak film. That reason would be a guarantee of reliable and continuous supplies. With Fuji’s history in this area, I remain sceptical. Fuji now faces a dilemma: if they want to build long-term loyalty, they need a strategy for dependable supplies. Remember, every roll or cassette of colour film bought from Fuji is one less for Kodak, and I firmly believe Kodak deserves our loyalty. Never forget that Kodak continued producing film despite strong objections from shareholders and insiders who believed film is dead.
Monochrome
I feel the same way about monochrome film. I have used hundreds of rolls of Fomapan and Adox film. However, I now only use Ilford film products. Their online presence is second to none. Their datasheets are worth their weight in gold to anyone new to monochrome work, as they have at their disposal a database far superior to any internet expert. And there are no apologies here. A photographer new to the craft who desires to truly make headway with their work and become a brilliant artistic photographer must grasp the fundamentals of monochrome work, exposure, composition, processing, and the latitude of film.
Ilford deserves loyalty. They provide this vital database to all photographers. And make no mistake, their datasheets contain decades of information. I’d bet a pound that many people working for Ilford today do not know who Jack Coote is, yet his book ‘Ilford Monochrome Darkroom Practice’ is the finest ever written on darkroom work, and it is an Ilford publication! I met him once or twice, and he was a mind full of instant information. “Ian, you should overdevelop a few rolls of film by three or four minutes and aim to straight print on grade 2-21/2 on multigrade, take it from there!” Those were his words that transformed my work. The man was a genius!
Of course, Kodak produces the famous Tri-X, and I admit I don’t like it! I know many would criticise me for saying so. But what matters is in the mind’s eye. And Tri-X does nothing for me; I could never see the outstanding rendition of the subject. However, it is a brilliant film for several reasons; it has remarkable exposure latitude. It is highly tolerant of poor processing practices and carries the kudos and reputation that provide a psychological advantage.
Psychological advantage? Or disadvantage?
I’ll conclude this essay with one final thought. Many believe they are using the best of everything in any hobby, pursuit, or profession is necessary to achieve the best results. However, sadly, this is not how it works. A boy buys a Ducati sports bike and ends up dead in a ditch. A man rides his 40-year-old BMW touring motorcycle and travels a million miles. The boy thought his Ducati would make him the best; the man knew everything there was to know about his old machine. Being loyal to his brand and never being impressed by apparent innovations is key to success.
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Overview
• Recent speculation surrounds Kodak’s supposed bankruptcy.
• Many reports misinterpret Kodak’s financial disclosures.
Kodak’s Financial Situation
• Kodak has stated it is not going out of business.
• Company confident in repaying or refinancing debts.
• Expected to have a stronger balance sheet soon.
• Clarification on technical disclosures required by accounting rules.
Importance to Photographers
• Kodak’s continued production is vital for film photographers.
• Limited competition in high-quality colour film production.
• Fujifilm’s production runs have been inconsistent.
• Alternative films often lack quality or consistency.
Brand Loyalty
• Many photographers experiment with various films.
• Cost of film and processing is significant.
• The author exclusively uses Ilford for monochrome films.
• Ilford’s datasheets are invaluable resources for photographers.
Loyalty to Kodak
• The author supports Kodak for colour films due to their commitment.
• Criticism of Fujifilm for lack of reliability in production.
• Kodak has remained dedicated to film despite challenges.
Monochrome Film Use
• The author prefers Ilford for monochrome work.
• Emphasises the importance of understanding film fundamentals.
• Recognises the historical significance of Ilford’s contributions to photography.
The Heart of the Mind 