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
You can connect Arduino-powered sensors, and Google is partnering with Exploratorium to offer starter kits to help budding scientists.
The consumer Ara phone is coming in 2017 as well, which marks the first time Google has ever built its own phone hardware.
The milestone marked the first time Google's Chrome OS moved more units than OS X in the United States, according to research firm IDC.
The unmanned Kepler space observatory, which launched in 2009, has been scanning 150,000 stars for signs of orbiting bodies.
Partner news