Kodak Sinks as Government Covid Drug-Related Loan Put on Hold

Eastman Kodak shares plunged as much as 49% ahead of the bell on Monday after a federal agency put on hold a $765m loan for shifting the legacy photography company’s factories to help produce ingredients used in key generic medicines to fight the coronavirus.

• “Recent allegations of wrongdoing raise serious concerns,” the U.S. International Development Finance Corporation said in a tweet Friday night; “We will not proceed any further unless these allegations are cleared”
• Congress and the SEC are investigating the deal, and Kodak’s board said Friday it is also opening a review of the loan disclosure
• The stock had ...