Eastman Kodak Company (EKDKQ.PK) announced it has reached an agreement with Brother Industries Ltd., for the proposed sale of certain assets of its Document Imaging business for a cash purchase price of approximately $210 million, subject to certain price adjustments at closing. Brother will assume deferred service revenue liability of the business, which totaled approximately $67 million as of December 31, 2012.
Eastman Kodak noted that the consummation of the transaction is subject to court approval and a marketing period in which Kodak may seek to obtain a higher or better offer for the business, alone or in combination with other businesses, including through a court-approved auction. Kodak will seek U.S. Bankruptcy Court approval of the bidding procedures at a hearing in late April and is targeting final court approval of a transaction in June.
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