A bankruptcy court has just extended Kodak’s bankruptcy deadline until February of 2013 after they filed for bankruptcy earlier this year. According to Reuters, Kodak, the former imaging company, is using this time to sell off their patent portfolio so they can begin to pay back their creditors. Apple and Google are among those interested in the patents. Reuters has said the following on the patent sale:
“Eastman Kodak Co won court permission on Wednesday to retain exclusive control of its bankruptcy case through Feb. 28 as it tries to execute a $793 million financing offer from a group of bondholders.
Judge Alan Gropper approved the extension at a hearing in a U.S. Bankruptcy Court in Manhattan, allowing Kodak to move forward with its plan without creditors pushing competing proposals. The plan would outline how to repay creditors and exit bankruptcy.”
Apple, Google and Kodak were in talks earlier this year during a patent auction in August; however, Kodak apparently didn’t make the $2.6 billion they were looking for. As of now, Kodak only needs to make $500 million as part of a new financial deal that would allow them to pay off the minimum of a $793 million loan deal. Because of this reduced price, we should see their patents sell relatively quickly.
