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Kodak to sell patents for $525 million

The deal puts the company on track to obtain $830 million in financing and exit bankruptcy next year

In an effort to pull itself out of bankruptcy, Eastman Kodak Co. has agreed to sell its digital imaging patents for roughly $525 million to a consortium led by Intellectual Ventures and RPX Corp.

Some of the purchase price for the 1,100 patents will come from 12 patent licensees, including Apple Inc., Google Inc. and Research In Motion Ltd, the maker of BlackBerry. The sale satisfies part of a November agreement that puts the company on track to exit bankruptcy next year if it obtains $830 million in financing. Under the terms of that deal, Kodak must also sell its personalized and document imaging businesses and resolve its U.K. pension obligations.

“Kodak’s monetization of IP assets further builds on its momentum toward a successful emergence in the first half of 2013,” the company said in a press release.

The photo company filed for Chapter 11 bankruptcy protection nearly a year ago, after earlier attempts to sell off its patents failed.

Read more at Thomson Reuters.

For more InsideCounsel coverage of Kodak’s bankruptcy saga, see:

Kodak extends patent auction to continue discussions with bidders

Kodak does not infringe Apple’s patents, Federal Circuit says

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

Kodak employee sues company over failure to disclose financial trouble

Kodak files for bankruptcy protection

Kodak promotes its GC to president

Alanna Byrne

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