Eastman Kodak Co. (fka EKDKQ)

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Is It REDEMPTION Day for Kodak Patents?
By Aabha Rathee | More Articles
August 23, 2012
The final hearing for Kodak’s patent auction has been scheduled for August 30, signaling that news of a sale may come as early as today. According to a court notice, the photography company is expected to give a New York bankruptcy court the Notice of Final Sale regarding the auctioned patents by Thursday, with the hearing to follow a week later.
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The final sale hearing had earlier been set for August 13, but Kodak was granted two extensions in order to try and raise more money.
Kodak is trying to sell a portfolio of 1,100 patents as it tries to pay back a loan of over $660 million to creditors and get out of bankruptcy. The company also owes another $750 million to secured bondholders. When bidding started in early August, the early offers were much lower than Kodak’s expectations. While the photography company hopes to raise between $2.2 and $2.6 billion through the portfolio, the first received bids hovered between $150 million and $250 million. The Wall Street Journal had reported last week Apple (NASDAQ:AAPL) and Google (NASDAQ:GOOG), who had earlier submitted rival bids for the portfolio, had formed a joint consortium along with several Android manufacturers to buy the patents.
Kodak is allowed to sell the 1,100 patents as a portfolio, break them into smaller pieces, or to cancel the auction altogether.

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