The pre-press giant’s stock had plummeted from $2.38 on 23 September to 59c on 30 September on market fears about its financial health.

In a statement released on Friday, it said: “Kodak is committed to meeting all of its obligations and has no intention of filing for bankruptcy.”

The share price jumped up to $1.60 on the announcement.

The bankruptcy fears followed a report in the Wall Street Journal that Kodak had appointed Jones Day, a law firm specialising in insolvency and restructuring.

The 131-year-old pre-press giant responded to this directly in the statement. “It is not unusual for a company in transformation to explore all options and to engage a variety of outside advisers, including financial and legal advisers. Jones Day is one of a number of advisers that Kodak is working with in that regard.”

Investors dumped stock last week after it emerged Kodak had drawn down $160m from its $400m credit facility.

The share price has been on a downward trend for years, falling from a peak of $94.75 in 1997. Before yesterday’s rally, shares had lost nearly 90% of their value since the start of this year, having traded at $5.74 on 5 January.

Kodak has made no secret of the fact it is trying to reposition itself. The traditional imaging business has evaporated in the modern digital economy.

One of its strongest assets is it patent portfolio, which it has been selling off. “The company also continues to actively pursue its previously announced strategy to monetise its digital imaging patent portfolio.

“Kodak remains focused on meeting its commitments to customers and suppliers, and on delivering on its strategy to become a profitable, sustainable digital company.”

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