A special committee hired by Eastman Kodak Co. ’s board found several governance issues at the firm concerning the July announcement of a planned $765 million loan from the U.S. government, but said none of those issues violated the law.
The release of the review’s findings comes roughly a month after the special committee retained the law firm Akin Gump Strauss Hauer Feld LLP to conduct the internal review.
The hiring of Akin Gump followed a tumultuous period for Kodak.
On July 28, the Rochester, N.Y., company and the Trump administration announced the onetime photography giant was in line to receive a $765 million loan to help manufacture drug ingredients for the fight against the coronavirus and future health crises.
Even before the loan was announced, shares of the company surged. The Wall Street Journal previously reported that tweets and news stories from television stations in Kodak’s hometown of Rochester, N.Y., spurred trading in Kodak’s stock, in part thanks to a press advisory.