Posted on: Saturday 18 August, 2012 12:15
|Apple, Google bid on Kodak patents
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 US$150mil and US$250mil (RM450mil and RM750mil), the Wall Street Journal reported.
Bankrupt Kodak is selling the patents, which it believes could be worth US$2.6bil (RM7.8bil), 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 spokesman 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," spokesman Stefanie Goodsell said on Monday.
Bids can rise quickly in bankruptcy auctions. Nortel Networks Inc in 2011 sold its patent portfolio for US$4.5bil (RM13.5bil) after initial bids came in at just US$900mil (RM2.7bil).
Kodak's auction is slated to begin on Wednesday morning. - Reuters