Eastman Kodak Co. (fka EKDKQ)

[Gooeyduck]

Eastman Kodak Company has announced that it has entered into an agreement with Shutterfly, a leading Internet-based social expression and personal publishing service, for the proposed sale of certain assets of its KODAK Gallery on-line photo services business for $23.8 million.

The terms of the agreement include the transfer of Gallery customer accounts and images in the U.S. and Canada to Shutterfly.

The agreement comprises the initial, stalking horse bid in a Court-supervised auction process under Section 363 of the U.S. Bankruptcy Code that will ensure the maximization of value for the assets.