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Kodak May Accept Just $500 Million for Patents Portfolio

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USA based Eastman Kodak has been offered USD500 million for a block of its patents by a consortium of companies, the Wall Street Journal has reported, citing people familiar with the matter.

Kodak is currently in bankruptcy protection and put its patents up for sale, but has struggled to find a buyer despite sitting on a valuable trove of digital imaging patents which are used in a lot of mobile phones.

The company recently secured a loan of USD830 million, but it is conditional on raising at least USD500 million from the sale of the patents by the middle of next year at the latest.

In September, the company suspended the sale of the patents, citing low bids being tendered. It had originally hoped to raise around USD2.6 billion from the sale.

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 then 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.

It is not known who the current bidders are though.

On the web: Wall Street Journal

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Tags: eastman kodak  USA