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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.

Alanna Byrne

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