According to the Wall Street Journal, a consortium of bidders from Silicon Valley is about to buy Kodak’s digital imaging patents for an undisclosed sum somewhere beyond $500 million. The successful sale of its digital imaging patents is a prerequisite in order for the company to be granted new loans as high as US-$ 830 million.
Since entering Chapter 11 bankruptcy almost a year ago, Kodak has been attempting to restructure as a digital printing specialist. Though repeatedly claiming continuing support for its customers — especially to users of photographic film –, Kodak has since sold the majority of its divisions. Whether the sale of its digital imaging patents will ultimately help the company to successfully reestablish itself as a digital printing specialist, or whether the company’s ultimate demise is inevitable, remains to be seen.
This has been a bit of an interesting turn of events. After backing out of the camera space, it became an even more sad day when they discontinued all of their slide films. After announcing that they were selling their film business, they tried to find another way to restructure which partially involved numerous loans. But what many of us care about the most is the film business, and sources say that Lomography might be a suitor. Many of the more experienced people in the photo industry are all watching this with lots of nostalgia.
For the romantics in all of us though, remember that we’re doing a contest with Kodak; and you can win a t-shirt.
Additional reporting was contributed by Chris Gampat