UPDATE 1-Eastman Kodak files for auction of Digital Imaging patents
June 11 (Reuters) - Eastman Kodak Co filed a motion on Monday seeking approval of bidding procedures for bankruptcy auction of its Digital Capture and Kodak imaging Systems and Services patent portfolios, which together comprise more than 1,100 patents.
Kodak's motion outlines a sale process such that only the winning bidder and the successful bid amount will be publicly announced at the end of the auction, it said in a statement.
Kodak, now in bankruptcy, expects the motion to be heard by the Court on July 2, with the auction being held in early August and the winning bidder being announced by August 13.
"In filing these proposed procedures in advance of the June 30 deadline in our lending agreement, we are moving ahead as quickly as possible with the process of monetizing our digital imaging patent portfolio," Timothy Lynch, Kodak's Chief Intellectual Property Officer said.
The company's financial adviser, Lazard, has marketed these assets over the past 12 months, and 20 parties have signed confidentiality agreements to date, the company revealed in a statement.
Kodak, which invented the handheld camera and the digital camera, filed for bankruptcy protection on Jan. 19.
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