Eastman Kodak, one of the more venerable names when it comes to imaging and photography, intends to put an end to its long drawn out bankruptcy saga. It seems that word on the street has it that a deal has been reached with bondholders for $793 million in loans as well as other debts, and this could possibly help remove it from bankruptcy proceedings. One of the major points required for this deal to fall through is to have Kodak sell off its prized digital photography patent portfolio for a minimum price tag of $500 million.
The bankruptcy court judge in September did close down the patent auction then, but this has not stopped Kodak from continuing in its discussions with a “supergroup” of bidders that comprise of Apple, Google, Microsoft, Intellectual Ventures Management LLC, and RPX Corp. Kodak is required to sell the patents before the year is over in order to meet the criteria for the loans, and time’s running out fast. Despite Kodak’s board of directors having approved the financing, bankruptcy court Judge Allan Gropper will have the last word in the decision ultimately. We do hope that this story ends up on a bright note – how about you?