Kodak has announced the sale of its patent portfolio to a consortium of twelve companies organised by patent-holding firm Intellectual Ventures and patent aggregator RPX Corp.
The sale, for the sum of approximately $525 million, is enough to keep the company afloat for the moment and also qualifies Kodak for a $830 million loan which will assist the company in escaping bankruptcy some time in 2013, reports Ars Technica.
Google, Apple, Facebook, RIM, Microsoft, Samsung, Amazon, Adobe, Hauwei, HTC, Shutterfly and FujiFilm are the twelve buyers involved in the purchase, according to a report in the LA Times, but Intellectual Ventures and RPX Corp. will also be contributing towards the sale total. Kodak has spent some time in court with some of the buyers over patents and one of the conditions of sale is that is that ongoing litigation between the company and buyers be terminated.
Source: Ars Technica