Photography pioneer Eastman Kodak Company has arranged a deal that’ll see a consortium of companies paying around $525 million (£323 million) to buy and license over a thousand of its patents, including its digital imaging patent portfolio.
The consortium, which has been organised by Intellectual Ventures and RPX Corporation, is believed to contain Adobe Systems, Amazon, Apple, Facebook, Fujifilm, Google, HTC, Huawei, Microsoft, Research in Motion, Samsung and Shutterfly.
Kodak is currently restructuring under Chapter 11 of the US Bankruptcy Code and aims to complete this process in the first half of 2013.
Antonio M Perez, Kodak’s Chairman and Chief Executive Officer, said “This monetization of patents is another major milestone toward successful emergence. 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. Kodak remains a major center of invention and innovation.”
The proposed transaction is subject to the approval of the bankruptcy court.