KODAK has said it won't wait for its patent auction to conclude before flogging off its film, photo kiosk and commercial scanner business.
Kodak is in the midst of an auction for its digital imaging patents, which are expected to bring in billions. However the firm has said it will not wait for the auction to conclude before it sells off other parts of its business, including its consumer film and commercial scanner units.
Kodak CEO Antonio Perez said, "We have to make some tough choices to build our future and this is one of those choices. Kodak's goal is not simply to emerge but obviously to emerge as a profitable, sustainable company and today's actions are moving us decisively along that path."
Kodak is already in the midst of a legal battle against Apple over the ownership of some of its patents. There have been reports that Kodak's patents are not worth as much as the firm had hoped, with bidding deadlines having been extended.
While Kodak is dumping other parts of its business, Perez stressed that despite soliciting bids for its digital imaging patents Kodak might not sell them after all. Perez referred to the patent auction as being "engaged in discussions around the potential sale of our [Kodak's] digital imaging portfolio".
Kodak expects to generate up to $2.57bn from its patents, claiming it has licensed them to Samsung, LG and Motorola Mobility. Whether the firm's patent auction can achieve that valuation could be the deciding factor in determining whether Kodak can emerge from bankruptcy. µ