Bankrupt camera maker Eastman Kodak Co agreed to sell its digital imaging patents for about $525 million to a consortium led by Intellectual Ventures and RPX Corp, a key step to ending its bankruptcy.
The photography pioneer said a portion of the payment will come from 12 intellectual property licensees organized by Intellectual Ventures and RPX Corporation.
A sale of the roughly 1,100 patents, which Kodak has said could be worth as much as $2.6 billion, has been a key element of the Rochester, New York-based company's plans to shift its focus to commercial packaging and printing from photography.
The agreements are subject to approval by the U.S. Bankruptcy Court in Manhattan.
The Kodak bankruptcy case is in Re: Eastman Kodak Co. et al, U.S. Bankruptcy Court, Southern District of New York, No. 12-10202.
(Reporting by Tom Hals in Wilmington, Delaware and Sruthi Ramakrishnan in Bangalore; Editing by Nick Zieminski)