Kodak looks to end bankruptcy


In an attempt to put an end to the bankruptcy it filed earlier this year, Kodak has sold patents worth $525 million to an assortment of bidders in order to re-enter the imaging market. Intellectual Ventures (IV) and RPX corps, who have some of the world’s biggest technological companies, have bid to acquire the patents. According to court documents, some of the said companies include Adobe Systems Inc, Amazon.com Inc, Apple Inc, Facebook Inc, Fujifilm, Google Inc, Huawei Technologies Co Ltd, HTC Corp, Microsoft Corp, Research In Motion Ltd, Samsung Electronics Co Ltd and Shutterfly Inc.

With this step Kodak is trying to bring itself back into the industry in early 2013, as had been was one of the major imaging brands in the world for a long period of time before it filed for bankruptcy earlier this year.. The said agreement is currently up for approval in the US Bankruptcy Court in Manhattan, New York under a certain chapter 11, which gives time to a company to rearrange its assets and liabilities. As it is still present in the market by the virtue of some of its digital businesses, Kodak making a comeback as a big player in the imaging market doesn’t look very far-fetched after this deal.