Kodak may soon find itself $525 million richer.
The bankrupt company announced this morning that it’s finally sold off its patent portfolio. Picking up the imaging patents are patent companies Intellectual Ventures and RPX Corporation, which represent Apple and Google, respectively.
Auctioning off its patents has been a key part of Kodak’s restructuring efforts since it filed for bankruptcy earlier this year. With the cash, Kodak will be able to pay off a large part of the $793 million it borrowed from bondholders.
That, in turn, will help the company focus on its “commercial imaging” business, which includes aerial film, printed circuit boards, and surveillance products.Clearly, the Kodak of the future is going to be very different from the Kodak the world has grown to know.
Photo: Flickr/ MJ/TR