Kodak is selling its digital imaging patents for $525 million, the bankrupt photography company said.
The sale of the more than 1,100 patents, part of the company's restructuring efforts as it seeks to emerge from chapter 11 bankruptcy restructuring, involves the sale of the patents to a group of companies organized by Intellectual Ventures and RPX. According to published reports, companies buying the patents include Apple, Research In Motion and Google. Others include Adobe, Samsung, Fujifilm and China-based Huawei Technologies.
"The monetization of patents is another major milestone toward successful emergence," Kodak chairman and CEO Antonio Perez said. "Our progress has accelerated over the past several weeks as we prepare to emerge as a strong, sustainable company. This proposed transaction enables Kodak to repay a substantial amount of our initial DIP loan, satisfy a key condition for our new financing ability and position our commercial imaging business for further growth and success."
The company said the deal would allow it to continue investing in commercial imaging technologies that it said are fundamental to its future.
"Kodak remains a major center of invention and innovation," Perez said.