Kodak played down the move, which it said was for "global cash management reasons", after analysts expressed surprise about the timing of the draw down.

The New York Times quoted Chris Whitmore, an analyst with Deutsche Bank Securities, saying that investors had expected Kodak to be selling assets to generate cash, not borrowing.

"Most people didn't expect them to be drawing down their credit facility at this point," he said.

According to another analyst, Mark Kaufman of Rafferty Capital Markets, investors had been spooked by the timing of the move, which wasn't disclosed until after the markets closed the previous Friday (23 September).

"It wasn't handled well," he told the New York Times.

Kodak's share price has fallen more than 70% since the start of the year, while its cash reserves continue to dwindle as it attempts to ramp up its digital business, including the Prosper colour inkjet device, to replace its declining analogue revenues.