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A photographic powerhouse in the days before digital, Kodak has found a buyer for its patents, which should go a long way toward getting the imaging pioneer out of bankruptcy and back into the game.
Eastman Kodak Company has announced a sale of its digital imaging patents under a series of agreements which will net the company approximately $525 million and allow the company to exit Chapter 11 restructuring.
The financial haul with be paid by 12 intellectual property licensees being organized by two firms: Intellectual Ventures and RPX Corporation, with each of the licensees receiving rights to the Kodak digital imaging patents.
The good news is that Apple and Google are among the 12 licensees, effectively putting an end to Kodak's patent battle with the former. Intellectual Ventures counts Apple among its licensees, while Google is getting their slice of the patent pie from RPX.
“This monetization of patents is another major milestone toward successful emergence,” Antonio M. Perez, Chairman and Chief Executive Officer, Eastman Kodak Company said. “Our progress has accelerated over the past several weeks as we prepare to emerge as a strong, sustainable company. This proposed transaction enables Kodak to repay a substantial amount of our initial DIP loan, satisfy a key condition for our new financing facility, and position our Commercial Imaging business for further growth and success.”
The CEO is now looking ahead to Kodak remaining "a major center of invention and innovation" in the years ahead -- a proclamation that's certainly good news for those of us who grew up with the imaging pioneer.
Follow this article’s author, J.R. Bookwalter on Twitter