Apple, Google remain in talks to buy Kodak patents

Kodak logoKodak has been granted a deadline extension to retain exclusive control of its bankruptcy case through February, as the company continues to hope it will be able to sell off its patent portfolio to a list of potential buyers that include Apple and Google.

Kodak remains in talks with both Apple and Google, as the two companies are still interested in buying Kodak's portfolio after a number of setbacks and delays, Reuters reported on Wednesday. The company said it is "confident" its patents will fetch the $500 million minimum required under the terms of a $793 million loan package.

That deal still requires court approval, but Kodak now has more time to execute the financing offer from Centerbridge Partners, GSO Capital Partners, UBS, and JPMorgan Chase & Co.

Thanks to an extension from Judge Alan Gropper of the U.S. Bankruptcy Court in Manhattan, Kodak has until Feb. 28 to move forward with its plan. The extension means Kodak will not yet need to deal with competing proposals from creditors.

Kodak plans to be able to repay its creditors and exit bankruptcy through its patent sale. The company expects to emerge from bankruptcy in the first half of 2013 with a new look: a much smaller presence in the consumer business and a larger focus on commercial imaging.

In August, separate investor groups led by Apple and Google made their bids for Kodak's digital imaging patents, but those bids came in well below the company's original estimates of $2.6 billion. Instead, the bids were said to be worth between $150 million and $250 million.

The final hearing for the Kodak sale was originally scheduled to take place in August. But the conclusion of that auction was delayed indefinitely after Kodak had trouble finalizing deals with a large number of hopeful buyers.

Source: AppleInsider

Tags: Apple, Google

Add comment

Your name:
Sign in with:
Your comment:

Enter code:

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

Last news

A mobile hotspot in Australia will be capable of hitting gigabit speeds on the go
A new game could be in the works as Blizzard appears to have been hiring for a Diablo-related project
Nokia CEO Rajeev Suri will speak at MWC 2017
However what if you could go way, way back?
The Helio P15 packs an octa-core Cortex-A53 processor clocked at 2.2GHz
Samsung claims up to 27-percent higher performance or 40-percent lower power
Preliminary data for October shows another Windows 10 boom
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 /
HP Slate 7 is a 7-inch Android 4 Tablet PC with good sound
A cost-effective, 7-inch tablet PC from a renowned manufacturer
October 25, 2013 / 4

News Archive



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