Eastman Kodak Company has seen a rise in its stock price after hours, following the announcement of a significant financial restructuring move. The company has sold private equity and other illiquid assets from its pension fund to the Mastercard Foundation. This strategic sale is part of Kodak's efforts to streamline its financial operations and potentially generate a $1 billion surplus. The news of this asset sale has likely contributed to increased investor confidence, driving the stock's upward movement in after-hours trading.
Additionally, Kodak's decision to temporarily pause all film production at its Rochester, New York factory for modernization purposes may have also influenced investor sentiment. This move indicates Kodak's commitment to updating its facilities, which could lead to improved operational efficiency and future growth prospects.
Kodak's stock rose 1.54% to $7.25 in after-hours trading, following a 7.85% increase to close at $7.14 on November 27, 2024.