BANKRUPT IMAGING COMPANY Kodak has been granted an extension for its patent auction, having received bids that were lower than expected.
The firm is selling off digital imaging patents and Apple and Google are thought to be very interested.
Although the auction was expected to be finished by now, Kodak received lower bids than it would have liked, so it has requested and been granted an extension.
"Kodak and its creditors have agreed to extend the timeline for announcing the outcome of the patent auction in light of continuing discussions with bidders. The auction, which is a complex and dynamic process, is ongoing," a Kodak spokesperson said to The INQUIRER.
"Like all participants, Kodak is still bound by the court order on confidentiality, and cannot comment further at this time."
This won't be good news for the company. It had to request the right to auction off the patents from a bankrupty court in the face of opposition from firms including Apple, that said that they had some issues over their ownership.
In June when it announced its intention to sell, Kodak said that it had made $3bn from the 1,100 patents in the last decade and was using some of them in litigation against allegedly infringing firms like Apple, RIM and HTC.
It's thought that the Apple and Google bids are around $250m. µ
Plus the cost of ambition as moonshots eat into the coffers
Spoiler alert: it's probably VeriSign
Did we say cuts off? We meant traps them inside their own home