Judge Allan L. Gropper, the bankruptcy court judge that was overseeing Kodak sell-off its digital imaging patents has given the green light to sell the intellectual property to a group of companies, including Apple, Google, Microsoft along with other tech giants. The terms of sale are for a collection of 1,100 patents related to the capture and display of digital images, bringing Kodak’s bankruptcy proceedings one step closer to resolution according to The Wall Street Journal.
It was previously reported in December that an Apple-led consortium put in a winning bid of $525 million for rights to the patent licenses but the recent court hearing revealed the actual sale price to be slightly higher, coming in at $527 million. Judge Gropper called the final price “disappointing,” but noted that the money will help Kodak move forward with restructuring plans that will help see the company emerge from bankruptcy with a new look targeting commercial customers. Kodak lawyer Michael H. Torkin had the following to say about the matter:
The amount in the transactions, which are complicated and integrated, are the highest and best value available to the debtors.
Source: The Wall Street Journal