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Kodak to receive $525M from sale of patents

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EKDKQ $0.19 -$0.02

at close on WEDNESDAY

By The Associated Press
Thursday, Dec. 20, 2012, 12:01 a.m.
 

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 next year.

The Rochester, N.Y., company filed for bankruptcy protection in January after struggling to adapt to the shift to digital photography.

Eastman Kodak Co. said the patent sale will help it repay a substantial amount of its initial debtor-in-possession loan, and it satisfies a key condition of new financing that required the sale of the patents for at least $500 million.

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