Key Developments: Eastman Kodak Co (EKDKQ.PK)
0.13USD
21 May 2013
$-0.01 (-7.70%)
$0.14
$0.14
$0.14
$0.13
5,285,949
7,653,870
$0.61
$0.08
Latest Key Developments (Source: Significant Developments)
Eastman Kodak Co Settles With Kyocera Corp In Patent Fight-DJ
Dow Jones reported that Eastman Kodak Co said it has reached a settlement with Kyocera Corp. in the companies' ongoing patent dispute. In a Monday filing with U.S. Bankruptcy Court in Manhattan, Kodak said Kyocera will drop its $80 million claim against Kodak, which will receive a payment from Kyocera for about $5 million. The two sides will drop pending patent litigation against one another, and they have agreed not to pursue any further patent fights against the other until at least three years after Kodak has exited Chapter 11. In the filing, Kodak said avoiding the costs and time of litigation will help it as it prepares to exit bankruptcy. Kyocera last July said Kodak infringed upon 22 of its patents before it filed Chapter 11 and said it was owed $80 million. Then, in early January, Kyocera filed a suit accusing Kodak of infringing on 15 patents since the bankruptcy filing, and sought damages. Kodak fought the suit, and the two began negotiations that led to the settlement filed on Monday. Patents have defined Kodak's bankruptcy, which began in January 2012. Kodak thought it could sell its digital-imaging patents for more than $2 billion, but when it became clear they'd fetch far less, the Company began selling off its businesses in earnest as well as cutting employees. All the while, Kodak has fought patent-infringement suits and countersuits in multiple courts, most notably with Apple Inc. Full Article
BROTHER INDUSTRIES LTD Signs Agreement To Purchase Document Imaging Business Of Eastman Kodak Co
BROTHER INDUSTRIES LTD announced that it has entered into an agreement with Eastman Kodak Co to acquire certain assets of Kodak's Document Imaging business (DI). The agreement is the initial stalking horse bid under Section 363 of the U.S. Bankruptcy Code, to be followed by an orderly auction process under certain procedures set forth in the agreement.1 Under the agreement, Brother would acquire these assets for approximately USD 210 million in cash subject to certain price adjustments, plus the assumption of specified liabilities. Brother will assume the specified assets and liabilities of DI, which include approximately USD 67 million2 deferred revenue liabilities associated with customer prepayments. If Brother is selected as the successful bidder at the auction, or if no qualified competing bids are timely submitted, and subject to court and other regulatory approvals, the Company expects to complete the acquisition in the third quarter of 2013. Kodak and its U.S. subsidiaries filed for reorganization under chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York on January 19, 2012. Kodak's non-U.S. subsidiaries are not in bankruptcy. The transaction requires approval from U.S. bankruptcy court and is subject to a competitive bidding process under Section 363. The transaction is also subject to regulatory approvals and other customary closing conditions. Full Article
Eastman Kodak Co To Begin Talks With Creditors On Reorganization Plan-Reuters
Reuters reported that Eastman Kodak Co will begin discussions with various creditor groups on a reorganization plan to emerge from bankruptcy protection. The company said in a filing that it expects revenue of $833 million for 2013 from its commercial imaging digital printing business and $1.72 billion from its commercial imaging graphics, entertainment & commercial films. Full Article
Eastman Kodak Co To Cut More Jobs-Reuters
Reuters reported that Eastman Kodak Co will cut 1,000 additional jobs by the end of this year and may cut more as it focuses on its commercial packaging and printing business. Kodak, which invented the digital camera but had trouble adjusting to the digital age, was betting on an auction of its 1,100 patents to raise funds to repay1 money borrowed to finance its bankruptcy. Full Article
Eastman Kodak Co To Sell Retail Print, Document Imaging Businesses-Reuters
Reuters reported that Eastman Kodak Co plans to sell most of its consumer and document imaging businesses and shift its focus to commercial printing as it works to emerge from bankruptcy. The firm, already in the midst of auctioning off its digital patent portfolio, hopes to complete the sales by mid-2013, The Company needs to raise nearly $700 million to pay back its creditors and exit bankruptcy, and initially hoped its patent sale would generate at least that much. But more than two weeks into its auction and still without a deal, the company may be looking for other ways to raise cash. Full Article
Eastman Kodak Co Extends Patent Auction Deadline As Talks Continue; Apple Inc And Others Made Bids-Reuters
Reuters reported that Eastman Kodak Co extended its patent auction on Monday, saying it would not announce a winner as planned because it was still in discussions with bidders. The auction was ongoing. The Company expected later on Monday to submit regulatory filings revealing more information about its business, including financial projections. It is unclear how much the patent sale will raise. The Wall Street Journal reported on Friday that Apple Inc., Google Inc and Microsoft Corp made bids, but they were significantly below Kodak's estimates for the patents' value. Full Article
Suitors Bid Low For Eastman Kodak Co Patents; Apple Inc., Google Inc. And Microsoft Corp Reportedly Bidding For Patents-Reuters
Reuters reported that as Eastman Kodak Co's patent auction draws to a close, the Company has only received lowball bids for the patents that it believes are worth $2.6 billion, the Wall Street Journal reported. All offers for Kodak's 1,100 digital patents, for which Apple Inc., Google Inc. and Microsoft Corp are reportedly bidding, have come in significantly below the $500 million mark, the Journal said. Kodak is selling the patents in order to repay creditors. The auction process is expected to continue through the weekend and Kodak lawyers are due to present the bids to the bankruptcy court on Monday at 5 p.m. EDT (2100 GMT), according to bid procedures. Full Article
Apple Inc And Google Inc Bid On Eastman Kodak Co Patents-Reuters
Reuters reported that Eastman Kodak Co 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 August 6, 2012. Kodak's auction is slated to begin on August 8, 2012 morning. Full Article
U.S. Bankruptcy Judge Lets Eastman Kodak Co Sell Key Patent-Reuters
Reuters reported that Eastman Kodak Co an proceed with the sale of a key digital imaging patent, a bankruptcy judge ruled. Judge Allan Gropper in Manhattan approved the sale of the '218 patent, which Kodak considers one of the very important of the more than 1,100 patents it hopes to sell this month. The judge also cleared the way for Kodak to sell a second patent Apple had disputed, known as the '335 patent. He said it was premature to give Kodak the right to sell several other patents, saying he needed more information to decide the companies' respective rights. An auction to sell hundreds of Kodak patents, which have been sorted into two groups, is scheduled for August 8, 2012. Bids were due on July 30, 2012. Kodak is selling the patents to raise money for creditors that provided bankruptcy financing. The patents include technology that helps camera owners preview photographs on LCD screens and are part of a group of 700 patents. Patents in the other group of 400 have also been the subject of lawsuits by Apple and Research in Motion Ltd. Full Article
Eastman Kodak Company Loses Patent Case Versus Apple Inc And Research In Motion Ltd; Plans Appeal-Reuters
Reuters reported that Eastman Kodak Company has lost an appeal of a patent dispute over digital image preview technology with Apple Inc and Research In Motion Ltd, which could set back the onetime photography giant's efforts to raise money in bankruptcy by selling patents. The U.S. International Trade Commission on Friday upheld a May 21 ruling by Judge Thomas Pender of that agency that neither Apple Inc nor Research In Motion Ltd had violated Eastman Kodak Company's rights in the so-called '218 patent, which covers how digital cameras preview images. The investigation is thus terminated, the agency said. Eastman Kodak Company has been hoping to recover $1 billion, and said on Sunday it plans an appeal to the U.S. Court of Appeals for the Federal Circuit in Washington, D.C. The validity of the '218 patent has been upheld in previous litigation at the ITC and was affirmed by the U.S. Patent and Trade Office in the face of two separate challenges, it said. Eastman Kodak Company are confident that its validity will ultimately be upheld. Full Article
Kodak expects to exit bankruptcy as soon as July
- Eastman Kodak Co said on Tuesday it expects to emerge from bankruptcy as soon as July as a commercial imaging business under the control of its creditors.
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
