[Techtaffy Newsdesk]
Eastman Kodak Company is selling its digital imaging patents. Kodak will receive approximately $525 million, a portion of which will be paid by 12 intellectual property licensees organized by Intellectual Ventures and RPX, with each licensee receiving rights with respect to the digital imaging patent portfolio and certain other Kodak patents. Another portion will be paid by Intellectual Ventures, which is acquiring the digital imaging patent portfolio subject to these new licenses, as well as previously existing licenses.
Antonio M. Perez (Chairman and CEO, Kodak): 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.
The transaction also includes an agreement to settle current patent-related litigation between the participants and Kodak.
The proposed transaction is subject to the approval of the Bankruptcy Court and the satisfaction of certain customary conditions.