Updated 12/19/2012 02:17 PM
Kodak Sells Patents for $525 Million
Kodak announced the sale of some of its digital imagining patents Wednesday morning. The company says the sale helps it move closer to emerging from Chapter 11 bankruptcy.
The sale is worth approximately $525 million.
Kodak says part of that will be paid by twelve intellectual property licensees organized by Intellectual Ventures and RPX Corporation. Another portion is going just to Intellectual Ventures.
The sale also opens the door for Kodak to receive $830 million in loans from hedge fund and private equity firms, which Kodak says will also help to move it out of Chapter 11.
The patent deal is expected to be approved by the Bankruptcy Court.