ROCHESTER, New York – At the direction of President Donald J. Trump, U.S. International Development Finance Corporation (DFC) Chief Executive Officer Adam Boehler will today sign a letter of interest (LOI) to provide a $765 million loan to Eastman Kodak Company (Kodak) to support the launch of Kodak Pharmaceuticals, a new arm of the company that will produce critical pharmaceutical components. The project would mark the first use of new authority delegated by President Trump’s recent executive order that enables DFC and the U.S. Department of Defense (DOD) to collaborate in support of the domestic response to COVID-19 under the Defense Production Act (DPA).
Still, as Jemima recently argued, let’s not be too harsh on U-turners. Companies surely must be free to choose to pivot their business models to maintain relevancy. Let’s just hope this venture goes slightly better than 2018’s KODAKCoin — “a photo-centric cryptocurrency to empower photographers and agencies to take greater control in image rights management”.