Eastman Kodak Co. (EKDKQ) Wednesday said it has completed a series of agreements, pursuant to which Kodak has agreed to sell its digital imaging patent portfolio and certain other patents for approximately $525 million.
A portion of the total amount will be paid by 12 intellectual property licensees organized by Intellectual Ventures and RPX Corp. Each licencee will receive rights relating to several patents including the digital imaging portfolio.
Meanwhile, the remaining portion will be paid by Intellectual Ventures for acquiring the digital imaging patent portfolio subject to these new licenses, as well as previously existing licenses.
The proposed transaction is part of Kodak's key restructuring objectives which includes partial repayment of its initial DIP loan, and strengthening it new financing facilities and commercial imaging business.
The transaction will also settle any ongoing patent-related litigation between the participants and Kodak.
The transaction is subject to the approval of the Bankruptcy Court and the satisfaction of certain customary conditions.
For comments and feedback: editorial@rttnews.com