Apple, Google bid on Kodak patents: report

Mon Aug 6, 2012 9:19pm EDT

Kodak World Headquarters is pictured in Rochester, New York January 19, 2012. REUTERS/Adam Fenster

Kodak World Headquarters is pictured in Rochester, New York January 19, 2012.

Credit: Reuters/Adam Fenster

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(Reuters) - Eastman Kodak, which is planning to auction 1,100 digital patents, received two bids from investor groups including Apple Inc and Google Inc of between $150 million and $250 million, the Wall Street Journal reported on Monday.

Bankrupt Kodak is selling the patents, which it believes could be worth $2.6 billion, in order to repay creditors. The company filed for Chapter 11 protection in January after failing to keep up as consumers and rivals shifted to digital photography from film photography.

A spokeswoman for the company declined to discuss the report in detail, citing court-ordered confidentiality surrounding the auction process.

"Kodak believes that speculation about the details and potential outcome of the auction is inappropriate," spokeswoman Stefanie Goodsell said on Monday.

Bids can rise quickly in bankruptcy auctions. Nortel Networks Inc in 2011 sold its patent portfolio for $4.5 billion after initial bids came in at just $900 million.

Kodak's auction is slated to begin on Wednesday morning.

(Reporting By Nick Brown; Editing by Jacqueline Wong)

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Comments (1)
dhorton42 wrote:
Companies are supposed to help one another. They should give Eastman Kodak what the 2.6 billion that their patents are worth. One day they may need Kodak helping them out. It’s not to late for Kodak to turn their company around. Look at Ford for example. A smart move for Apple and Google would be to buy Kodak shares while their cheap. Then give them enough money for their patents so that they can pull out of bankruptcy and turn the company around. One day it might be them needing help from Kodak.

Aug 10, 2012 4:56pm EDT  --  Report as abuse
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