Kodak gets $500m bid for 1,100 of its patents

Kodak gets $500m bid for 1,100 of its patents

PanARMENIAN.Net - Bankrupt imaging outfit Kodak has received a bid of more than $500m for 1,100 of its patents, The Inquirer reports.

Kodak, which is languishing in bankruptcy court after years of falling behind its rivals, has been trying to sell 1,100 patents that relate to digital imaging for over 18 months. Now the firm has received a bid of more than $500m from a consortium for its patents.

Kodak had claimed its patents would be worth billions but until now had only received bids around the $250m mark. The firm needs to sell part of its patent portfolio in order to secure loans offered on the premise that its patents can be sold for $500m or more.

While Kodak is trying to sell its patents to generate cash, the firm has been slashing costs by cutting staff and concentrating on high margin businesses. The firm claims it will rake in $2.7bn in 2013 with what is left of the business.

 Top stories
One game includes keeping soccer balls in the air, while another game makes the players virtually swim on the large screen.
The memorandum of understanding will allow for an exchange of technical information and non-operational data related to cybercrime.
Mozilla is setting Yandex as the default search engine in Russia, and the move opens up the firm to work with more local partners
The award of $23.6mln was a tenth of what the firm was claiming: $1 for every infringing device sold, which would have totaled $237mln.
Partner news