The sale is another step towards exiting administration for the stricken firm
The sale is a major step in its restructuring efforts as it targets exiting bankruptcy protection in early 2013, but falls some way short of the $2.6bn it originally hoped to realise.
According to techcruch.com, the full list of buyers according to court documents are:
- Research In Motion Limited
- Samsung Electronics Co., Ltd.
- Adobe Systems Incorporated
- Huawei Technologies Co., Ltd.
- Amazon Fulfillment Services, Inc.
“This proposed transaction enables Kodak to repay a substantial amount of our initial DIP loan, satisfy a key condition for our new financing facility, and position our Commercial Imaging business for further growth and success,” says chairman and chief executive officer, Antonio M. Perez.
The sale will be organised through Intellectual Ventures and RPX Corporation, and also specifies that all litigation over the patents between the interested parties will cease.
Kodak has recently announced it has secured exit financing from bankruptcy protection, and reorganised its pension liabilities, as it seeks to reposition the business as a market leader in the global printing and packaging industries.