Less than a month after securing a $793m loan, Kodak is now said to be in talks with a consortium that includes Apple and Google to sell off more than 1100 imaging patents.
The consortium is believed to have offered more than $500m for the patents, according to Bloomberg. "The two companies, competing for dominance of the smartphone market, have partnered after leading two separate groups this summer to buy some of Kodak's 1,100 imaging patents," writes the business news service.
Kodak is under the obligation to sell off its patents for "no less than $500m" as part of loan terms set by Centerbridge Partners, LP, GSO Capital Partners LP, UBS and JPMorgan Chase & Co.
In the past, Kodak valued the patents at more than $2bn, but it was forced to review its estimates when the company failed to gather interest from the industry.
For more about Kodak, read BJP's full coverage.
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