Eastman Kodak said earlier this week there were doubts about its ability to operate as a going concern, sending its shares tumbling 20% on Tuesday and triggering flashbacks to its 2012 bankruptcy.

The pension plan — currently in a process of winding-down — is expected to distribute about $500 million in assets to the company by December. That includes $300 million in cash ahead of next May, when a $477 million term loan and about $100 million in preferred stock come due.

“Kodak thinks they’re going to be able to stabilize by mid-year 2026. But that’s contingent on a very tenuous plan,” said Monique D. Hayes, a partner and bankruptcy attorney at DGIM Law.

“It faces internal business pressures and potentially political pressures. Until the company actually completes the liquidation of its pension plan, it’s not a guarantee. “