Kodak receives $610m bid for digital imaging patents
(REUTERS) - A collection of bidders has offered Eastman Kodak Co more than US$500 million (S$610 million) for some of its digital imaging patents, the Wall Street Journal reported, citing people familiar with the matter.
The deal was submitted in the past few weeks and has not been finalised. The details of the bidders involved, aside from being made up of Silicon Valley technology companies and firms that specialize in buying patents, could not be confirmed, the Journal said.
Last month the one-time photography giant said it accepted an US$830 million financing offer from a group of bondholders to help it emerge from bankruptcy. The financing was contingent on the sale of Kodak's digital imaging patents for at least US$500 million.
Kodak has been trying to sell its portfolio of 1,100 patents, which it valued between US$2.2 billion to US$2.6 billion, for more than a year, but any sale has been hindered by litigation over ownership of some of the patents.