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Kodak Suspends Patent License Sale Due to Low Bids
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Photography company, Eastman Kodak has told a bankruptcy court that it is considering alternatives to its planned auction of patent assets. The company is understood to have failed in its attempts to raise the US$2.6 billion it had expected from the sale of the patent porfolio.
One of the options could include retaining the patents, but spinning them off into a separate licensing company with its revenues being used to repay Kodak's creditors.
In a filing with the court, the company confirmed that it is still in talks with potential bidders for the patents, but has also suspended the planned auction process.
"In the event that a potential transaction does not occur, the Debtors are consulting with the Reviewing Creditors with respect to the retention of the Digital Imaging Patent Assets and the creation of a newly-formed licensing company as a source of recovery for creditors in the plan of reorganization," the company said in its filing.
Back in July, Google and Apple were named as the unsurprising front runners in the battle to buy some 1,100 patents.
Apple was reported to have teamed up with Microsoft and patent licensing group, Intellectual Ventures Management -- while Google was said to be working with Samsung, HTC, LG and the patent licensing group, RPX Corp.
The sale is for two blocks, one includes patents relating to a range of image processing techniques. However the other block contains all the patents covering mobile technologies and was said to be the one the bidders are most interested in acquiring.
Tags: [eastman kodak] [USA]
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