Kodak to sell online photo business to Shutterfly for $23.8 million

Bankrupt photo giant still looking to sell patents

Say hello to the tip of the iceberg. Eastman Kodak Co. yesterday announced the proposed sale of its KODAK Gallery photo services website to online personal photo publishing service Shutterfly Inc. for $23.8 million. The sale is one of the first steps along Kodak’s arduous path to climbing out of bankruptcy, for which it filed in mid-January.

Kodak announced that the deal followed a “stalking horse bid,” which is intended to maximize the value of the asset, as part of a court-supervised process under Section 363 of the U.S. Bankruptcy Code.

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