As part of its ongoing recovery efforts after filing for Chapter 11 bankruptcy, Kodak has announced its plans to sell its film, commercial scanner, and photo kiosk businesses.
Kodak just filed a lawsuit against Apple that states the company wrongly claims to own 10 patents that came out of joint projects between the companies back in the 1990s.
Kodak will take its Kodak Gallery online photo hosting service offline July 2nd after its sale to Shutterfly was approved by a federal judge.
Kodak's Q1 2012 financial statement reveals a $366 million net loss and a 27 percent decline in revenue from Q1 2011 (to $965 million), but the company has also significantly cut costs and increased its liquid assets.
As Kodak continues to restructure its business in the wake of filing for bankruptcy, the company has now partnered up with Samsung to sell inkjet printers in Europe.
Kodak is planning to sell its online photo services business to Shutterfly for $23.8 million. Users' photos and accounts on Kodak Gallery will be transferred to Shutterfly's service.
After filing for bankruptcy last month, Kodak has won approval to borrow $950 million to finance its restructuring process. Apple had objected to the financing, on the grounds that it claims ownership over certain Kodak patents.
In the wake of filing for bankruptcy, Kodak is reportedly ceasing all production of digital cameras as well as digital photo frames, with the business to focus on photo printing products and desktop inkjet printers going forward.
- Kodak officially exits bankruptcy, emerges as a commercial printing company Sep 3, 2013, 2:42pm EDT
- Kodak's plan to escape bankruptcy gets court approval Aug 20, 2013, 5:35pm EDT
- Kodak plans to emerge from bankruptcy this year as court approves $844 million in financing Jan 23, 2013, 3:52pm EST
- Apple and Google benefit as Kodak sells patents for $525 million Dec 19, 2012, 8:42am EST
Kodak says it's voluntarily filed for Chapter 11 reorganization in New York, in order to "bolster liquidity in the U.S. and abroad, monetize non-strategic intellectual property, fairly resolve legacy liabilities, and enable the Company to focus on its most valuable business lines."
Kodak has taken the same four patents it is already using in a lawsuit against Apple and HTC and is using them in a lawsuit against Samsung — with one more tossed in for good measure.
Eastman Kodak is suing HTC and Apple for its infringing patents related to transmitting and capturing digital images in a last-ditch effort to raise revenue before facing it's creditors in bankruptcy.
he Wall Street Journal is reporting the company plans to file for Chapter 11 bankruptcy protection in the next few weeks if its efforts to sell off a wide variety of digital patents doesn't pay off.
It's almost Black Friday, and we've rounded up Walmart's best deals for the biggest shopping day of the year.
Kodak is selling its image sensor business off to M&A firm Platinum Equity in an attempt to raise further cash and reach profitability. It will continue to have access to the technology for use in future products, though further details of the deal were not announced.