Struggling Kodak auctions patents for $525m

The once-great photography giant Kodak has auctioned off its digital imaging patents to pay back creditors after filing for bankruptcy in January

 

Kodak has sold roughly 1,100 parents to a consortium of bidders and managed to raise $525 (£322m) to help pay its way back from bankruptcy.

All of the technology industry's big-hitters came along to bid, including Google, Microsoft, Apple, Samsung, Amazon, RIM, Facebook and HTC.

"This monetisation of patents is another major milestone toward successful emergence," said Antonio Perez, chairman and CEO of Kodak.

"This proposed transaction enables Kodak to repay a substantial amount of our initial DIP loan, satisfy a key condition for our new financing facility, and position our commercial imaging business for further growth and success."

Kodak filed for Chapter 11 bankruptcy back in January. Chapter 11 allows a company to secure a DIP (debtor-in-possession) loan and gives protection against creditors so the business can sell parts of the business, or reorganise itself in order to meet debts.

Since January, the company has made plans to sell its print-film business and will now focus on printers, chemicals and cinema film stock.

Via: BBC

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