Kodak develops plans to sell off some core businesses

Kodak logoAt a hastily called press conference on Thursday, Eastman Kodak announced it would sell its print-film business and several other related businesses to raise additional funds. The endangered imaging giant made the move public in the last days of its patent portfolio auction, which is possibly not raising as much cash as Kodak initially planned. Kodak's businesses up for sale include heavy-duty commercial scanners with embedded optical character recognition for form processing, a business that takes photos of theme park visitors, and kiosks that print digital photos.

"We have to make tough choices to build our future and this is one of those choices," Kodak Chief Executive Antonio Perez said during today's conference. Kodak announced plans to shut down production of digital camera, video cameras, and digital picture frames in February in an attempt to shed nonprofitable aspects of business. In April, Kodak sold photo-sharing site Shutterfly for $23.8 million.

The company is scheduled to appear before federal bankruptcy Judge Allan Gropper on August 30. Kodak is in the middle of an extended digital imaging patent portfolio auction in an attempt to raise billions of dollars to pay back the lenders that supported it through its Chapter 11 bankruptcy.

The August 30 hearing date suggests that Kodak expects to have the auction process wrapped up by August 23, as according to the auction instructions, the company has to give at least seven days notice of an auction conclusion hearing. Apple, Google, Samsung, LG, and an assortment of other firms are bidding as a group on Kodak's digital imaging patents according to reports. While Apple has often been in conflict with Google and Samsung, and is a rival to LG, the strategy could keep the patents out of any one party's hands, preventing some potential lawsuits.

Kodak has stated that talks with potential patent buyers are still ongoing, and that it isn't ready to announce a result, but the court date announcement suggests that an announcement could be made soon. It could still refuse to sell some or all of the patents, although that may be unlikely, since the motivation for the auction is the company's recent bankruptcy.

Regarding the patent sale, Perez complained that "We expected this to be a complex process, and it has been all of that and more." A deal for the entire Kodak portfolio on auction could be valued at over $500 million based on recent negotiations.

Source: Electronista

Tags: Kodak

Comments
Add comment

Your name:
Sign in with:
or
Your comment:


Enter code:

E-mail (not required)
E-mail will not be disclosed to the third party


Last news

 
Consumer group recommends iPhone 8 over anniversary model
 
LTE connections wherever you go and instant waking should come to regular PCs, too
 
That fiction is slowly becoming a reality
 
The Snapdragon 845 octa-core SoC includes the Snapdragon X20 LTE modem
 
Human moderators can help make YouTube a safer place for everyone
 
Google says Progressive Web Apps are the future of app-like webpages
 
All 2018 models to sport the 'notch'
 
The biggest exchange in South Korea, where the BTC/KRW pair is at $14,700 now
The Samsung Galaxy A5 (2017) Review
The evolution of the successful smartphone, now with a waterproof body and USB Type-C
February 7, 2017 /
Samsung Galaxy TabPro S - a tablet with the Windows-keyboard
The first Windows-tablet with the 12-inch display Super AMOLED
June 7, 2016 /
Keyboards for iOS
Ten iOS keyboards review
July 18, 2015 /
Samsung E1200 Mobile Phone Review
A cheap phone with a good screen
March 8, 2015 / 4
Creative Sound Blaster Z sound card review
Good sound for those who are not satisfied with the onboard solution
September 25, 2014 / 2
Samsung Galaxy Gear: Smartwatch at High Price
The first smartwatch from Samsung - almost a smartphone with a small body
December 19, 2013 /
 
 

News Archive

 
 
SuMoTuWeThFrSa
     12
3456789
10111213141516
17181920212223
24252627282930
31      




Poll

Do you use microSD card with your phone?
or leave your own version in comments (4)