Kodak will be selling off the film business that gave the company its start, in addition to auctioning off the patents that the company holds. The patent auction remains stalled by ongoing litigation between Kodak and Apple.
It is doing so in order to raise funds to move out of the Chapter 11 bankruptcy protection that it filed for at the beginning of this year, though Kodak apparently has designs on shifting its business away from consumer products and into the commercial sphere.
The sale, which will reportedly take place in the first half of 2013, will cover all of the company’s image processing facilities and assets, leaving Kodak selling film to movies studios and printers to consumers according to a Bloomberg report.
Kodak CEO Antonio Perez said in a statement, “The initiation of a process to sell the personalized imaging and document imaging businesses is an important step in our company’s reorganization to focus our business on the commercial markets and enable Kodak to accelerate its momentum toward emergence. In addition, we continue our initiatives to reduce our cost structure and streamline our operating models in an effort to return the company to profitability.”
Source: CNET