Kodak’s ongoing attempts to sell its digital imaging patents aren’t going so well.
Bidding for the company’s portfolio has been tame from the beginning, and now Kodak may be rethinking its plans to sell the patents at all.
“[Kodak] has not reached a determination or agreement to sell the digital imaging patent portfolio, and may retain all or parts of it as a source of creditor recoveries in lieu of a sale if it concludes that doing so is in the best interests of the estate,” the company said in a statement to AllThingsD.
Kodak filed for bankruptcy earlier this year, and in an effort to reverse its fortunes, has attempted to sell its store of 1,100 patents to the likes of Apple and Google. The process, which was supposed to end on Monday, has now extended into a ninth day.
This may be an indication that things aren’t going so well for Kodak’s efforts, which haven’t attracted the level of attention the company was looking for. When last reported, the total amount for patent bids hadn’t even reached $500 million. That’s bad news for Kodak, which valued the patents at over $2 billion.
But it’s going to be tough for Kodak to just pack up and go home: Not only is the company bleeding cash, but it also has to repay banks like CitiGroup that gave it $950 million to finance its bankruptcy debts.
Photo: Viktor Nagornyy
VentureBeatVentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:
- up-to-date information on the subjects of interest to you
- our newsletters
- gated thought-leader content and discounted access to our prized events, such as Transform
- networking features, and more