Kodak has been granted a deadline extension to retain control of its bankruptcy case through February, as the company continues to attempt to sell off its patent portfolio to potential buyers, including Apple and Google.
Kodak remains in talks with both Apple and Google, as the two companies are still interested in buying Kodak’s portfolio after a number of setbacks and delays, Reuters reported on Wednesday. The company said it is “confident” its patents will fetch the $500 million minimum required under the terms of a $793 million loan package.
While the deal still requires court approval, it does give Kodak more time to execute the financing offer from 4 firms, Centerbridge Partners, GSO Capital Partners, UBS, and J.P. Morgan Chase & Co.
Kodak’s survival plan is to repay its creditors and exit bankruptcy through the patent sale. The company plans to emerge from bankruptcy in 2013 as a smaller presence in the consumer business, with a greater focus on commercial imaging.
Apple and Google led separate investor groups that made bids for Kodak’s digital imaging patents in August, but those bids came in well below the company’s initial evaluations of $2.6 billion. The bids were reported to be only worth between $150 million and $250 million.
