Kodak completes IP sale

- Kodak filed for Chapter 11 protection 12 months ago

 

- Restructuring objectives to allow company to focus on markets such as packaging

 

Kodak has taken a step closer to emerging from Chapter 11 bankruptcy protection after completing the sale of its digital imaging patents to a range of buyers for net proceeds of US$527 million.

 

The sale was one of Kodak’s key restructuring objectives, and follows other recent major accomplishments that include final court approval last week for the company’s interim and exit financing.

 

Kodak said the monetization of IP assets further builds on its momentum toward emergence in mid-2013.

 

A portion of the $527 million was paid by 12 intellectual property licensees organized by Intellectual Ventures and RPX Corporation. Another portion was paid by Intellectual Ventures, which acquired a substantial majority of the digital imaging patent portfolio subject to these new licenses, as well as previously existing licenses.

 

Kodak chairman and chief executive officer Antonio Perez said: ‘The licensing and sale of our digital imaging patents is another major milestone toward successful emergence. We are on track to emerge as a profitable, sustainable company.’

 

Perez has previously stated that package printing will play a big role in Kodak's future, saying: 'There are many opportunities in packaging. Packaging gives me a buzz for the future as the opportunities are enormous.’

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