Judge Approves Kodak Patent Sale, Company Says Best Offer
By: Caroline Tucker
Updated: January 11, 2013
A bankruptcy judge gave Kodak the go-ahead to sell its digital imaging patents Friday morning.
Judge Allan Gropper gave the okay for Kodak's $525 million patent sale.
Kodak's attorneys said this was the higest and best possible offer.
Kodak's digital imaging patents will go to a consortium of companies organized by Intellectual Ventures, a patent licensing company.
The names include a who's who of technology companies like Google, Apple, Research In Motion and Samsung.
The sale also will preserve protections for licenses that worried about current or future court fights over patent rights, such as the recent Kyocera filing.
The money will go to pay a portion of Kodak's Citigroup loan. It still owes $665 million on that.
The judge also approved the sale of Eastman Business Park's utilities to Recycled Energy Development.
The company will buy Kodak's power plant and turn it into a natural gas facility.
The company said it was unable to afford the new regulations that would take effect in 2016.
The next steps for Kodak are now to draft its business plan for emerging from bankruptcy, which is expected in the coming months.
Judge Allan Gropper gave the okay for Kodak's $525 million patent sale.
Kodak's attorneys said this was the higest and best possible offer.
Kodak's digital imaging patents will go to a consortium of companies organized by Intellectual Ventures, a patent licensing company.
The names include a who's who of technology companies like Google, Apple, Research In Motion and Samsung.
The sale also will preserve protections for licenses that worried about current or future court fights over patent rights, such as the recent Kyocera filing.
The money will go to pay a portion of Kodak's Citigroup loan. It still owes $665 million on that.
The judge also approved the sale of Eastman Business Park's utilities to Recycled Energy Development.
The company will buy Kodak's power plant and turn it into a natural gas facility.
The company said it was unable to afford the new regulations that would take effect in 2016.
The next steps for Kodak are now to draft its business plan for emerging from bankruptcy, which is expected in the coming months.
