On Wednesday, Kodak agreed to sell and license its digital imaging patents for $525 million. A consortium organized by Intellectual Ventures Management, LLC, and RPX Corp. were the purchasers. The Bankruptcy Court must approve the transaction but once approved will lead the way to Kodak's emergence for Chapter 11 bankruptcy which it entered into in January of this year.The funds provide for exit financing and resolution of U.S. retiree non-pension benefits and liabilities. The $525 million will be paid by 12 intellectual property licensees organized by Intellectual Ventures Mgnt. and RPX, whose names were not disclosed but filed reports indicate that Apple and Google were among the group of 12.
"The proposed transaction enables Kodak to repay a substantial amount of its debtor-in-possession loan, and provide new financing for its commercial imaging business for growth and success," said Antonio Perez, Kodak Chairman & CEO.
The sale of the 1,100 patents includes 700 patents covering image capture, processing, and transmission technologies related to the design and operation of digital cameras and other devices, including smartphones and tablets. The remaining 400 patents cover image analysis, manipulation and tagging, and network-based services - such as image storage, access, and fulfillment.
Hopefully Kodak will reinvent itself as a viable and profitable entity and become the dominent player in the commercial imaging business through innovation and research.
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