(Source: androidauthority.com)
Under the new agreement, Kodak will get $525 million from both Intellectual Ventures and RPX Corporation
Kodak has finally sold off just over $500 million in patents in an effort to jumpstart its bankruptcy restructuring.
Under the new agreement, Kodak will get $525 million from both Intellectual Ventures and RPX Corporation. A portion of the total will be paid by 12 intellectual property licensees, where each receives rights to the digital imaging patent portfolio, and the other portion will be paid by Intellectual Ventures, which will acquire the digital imaging patent portfolio according to the new and existing licenses.
“This monetization of patents is another major milestone toward successful emergence,” said Antonio M. Perez, Kodak Chairman and Chief Executive Officer. “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.”
According to Reuters, both Apple and Google are benefitting from the Kodak patent purchase as well. It reported that Intellectual Ventures is an agent for Apple and RPX Corporation is an agent for Google. Both Apple and Google are fierce rivals in the mobile software arena, where Apple's iOS operating system and Google's Android operating system are in constant competition.
Shortly after Kodak filed for bankruptcy earlier this year, Apple sued the company for patent infringement regarding a digital camera Apple said it created along with Kodak in the 1990s. A judge told Apple to lay off and quit kicking the dog while it's down.
Back in January of this year, the 131-year-old Kodak filed for Chapter 11 bankruptcy protection in the federal bankruptcy court in the Southern District of New York. The filing, which only included Kodak's U.S. subsidiaries, listed assets of $5.1 billion and debts of $6.75 billion.
Kodak had said back in November 2011 that it would be unable to pay its bills at some point in 2012 unless it stumbled into some quick cash.
The company expects to complete its restructuring in 2013. The bankruptcy filing will not affect non-U.S. subsidiaries.
Source: Kodak
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