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Thread: Both Apple and Google Remain in Talks to Purchase Kodak Patents

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    MMi Staff Writer Akshay Masand's Avatar
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    Default Both Apple and Google Remain in Talks to Purchase Kodak Patents


    Kodak has been granted a deadline extension to retain exclusive control of its bankruptcy case through February, all while the company continues to hop it will be able to sell off its patent portfolio to a list of potential buyers, which of course includes both Apple and Google. Both companies remain interested in buying Kodak’s portfolio after a number of setbacks and delays. Kodak remains “confident” that its patents will fetch the $500 million required under the terms of a $793 million loan package.

    The deal still requires court approval but Kodak now has more time to handle the financing offer from Centerbridge Partners, GSO Capital Partners, UBS, and JPMorgan Chase & Co. Thanks to the extension from Judge Alan Gropper of the U.S. Bankruptcy Court in Manhattan, Kodak has until February 28 to move forward with its plan. The extension means Kodak doesn’t need to deal with competing proposals from creditors.

    Kodak has plans to repay its creditors and exit bankruptcy through its patent sale. The company expects to emerge from bankruptcy in the first half of 2013 with a new look which consists of a much smaller presence in the consumer business and a larger focus on commercial imaging.

    Previously, different investor groups led by Apple and Google made their bids for Kodak’s digital imaging patents but those bids came in well below the company’s original estimates of $2.6 billion. The bids were said to be worth between $150 million and $250 million. We’ll have to see what ends up happening but one thing we do know for sure is whichever company acquires the patents will be adding a good amount of intellectual property to their portfolio.

    Source: Reuters

    Twitter: @AkshayMasand

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    all apple will do with these patents is abuse them and use them to hinder competition.

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