Kodak is moving to terminate its overfunded U.S. pension plan, aiming to reclaim around $500 million—$300 million in cash and $200 million in assets—to pay down debt and stabilize its finances. Despite a recent “going concern” warning, analysts believe the deal will go through and could leave Kodak virtually debt-free, offering a path to long-term survival. With improved cash flow and a leaner balance sheet, the company may finally have room to refocus on growth—particularly in its Advanced Materials & Chemicals division. Bottom line: The pension deal isn’t just likely—it could be Kodak’s lifeline.