Eastman Kodak Co. reached a deal to turn over the camera-film business that helped make it a blue-chip company and other enterprises to U.K. retirees in exchange for wiping out pension obligations, said people familiar with the matter, in a deal that sets the stage for the onetime photography icon to emerge from bankruptcy proceedings later this year.
Eastman Kodak Co.’s $525 million patent sale disclosed Wednesday involved a Who’s Who of the global technology industry, as usually fierce rivals came together to take off the market patents governing the digital cameras now ubiquitous in mobile devices.
Eastman Kodak Co. reached a deal with bondholders for $793 million in loans that could take the onetime photography icon out of bankruptcy proceedings on the condition it sell a trove of patents for a certain amount, said people familiar with the discussions.
Eastman Kodak Co. will wind down its desktop-printer unit next year, pulling the plug on a business that for half a decade was central to Chief Executive Antonio Perez’s plan to turn around the company.
Eastman Kodak Co. is putting the camera-film business that helped make it a blue-chip company on the block as the company struggles to adapt to changing times and reorganize under bankruptcy protection.
Eastman Kodak Co.’s patent auction has failed to generate the premium bids that the company and creditors had hoped for, with some suitors leaving Manhattan for home in the past few days, people familiar with the matter said.
Opening bids for Eastman Kodak Co.’s digital patents came in far below the $2.6 billion the company said they could be worth, an early sign the bankruptcy-court auction may not leave much cash for the company after creditors are paid off.