Earlier this year, Kodak filed for bankruptcy and since then many people discussed the company’s possible future and how its product portfolio might change. Yesterday, Kodak took a step that enabled it to avoid bankruptcy for now and might ensure that the company persists in the future as well.
The ailing Eastman Kodak Company has avoided bankruptcy for the time being. This was made possible by the world’s biggest patent troll. The companies Intellectual Ventures and RPX Corporation have organized a group of twelve buyers to buy Kodak’s 1.100 patents for a sum of $525 million.
In January of this year, Kodak filed for bankruptcy, giving the company until February of 2013 to come up with a plan for restructuring. The move of selling off its patents is a step in just that direction. Chairman and Chief Executive Officer of Kodak, Antonio M. Perez, was quoted with saying: “This monetization of patents is another major milestone toward successful emergence." The step made the company meet the qualifications for receiving a $830 million dollar loan which might enable it to avoid bankruptcy altogether in the first half of 2013.