Citing serious allegations, officials with the federal government say a massive $765 million deal is on hold until further notice.
The U.S. International Development Finance Corporation says the deal that was announced last week, which would provide a loan to Kodak to enter the drug manufacturing business will not move forward.
“On July 28, we signed a Letter of Interest with Eastman Kodak. Recent allegations of wrongdoing raise serious concerns. We will not proceed any further unless these allegations are cleared,” DFC said on Twitter.
The photography giant was going to transition to producing the ingredients used by pharmaceutical companies.
Kodak was planning to create 300 new jobs. The SEC has launched an investigation.
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