ROCHESTER, N.Y. (AP) ? Eastman Kodak will receive about $525 million from the sale of its digital imaging patents, money the struggling photo pioneer says will help it emerge from bankruptcy protection in the first half of next year.
The Rochester, N.Y., company filed for Chapter 11 bankruptcy protection in January after struggling to adapt to the shift to digital photography.
Eastman Kodak Co. says the deal will help it repay a substantial amount of its initial debtor-in-possession loan and satisfies a key condition of new financing that required the sale of the patents for at least $500 million.
Kodak is selling the patents to a group of licensees organized by Intellectual Ventures and RPX Corp.
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