Eastman Kodak (NASDAQOTH: EKDKQ ) announced today that a consortium organized by Intellectual Ventures (IV) and RPX Corp. (NASDAQ: RPXC ) has agreed to pay approximately $525 million to acquire its portfolio of digital imaging patents. The deal is subject to approval of the Bankruptcy Court.
The company described the "monetization" of its patent portfolio as one more step toward "a successful emergence [from bankruptcy protection] in the first half of 2013."
IV and RPX lead a coalition of 12 intellectual property licensees interested in Kodak's digital imaging, and certain other Kodak patents. Under the terms of the agreements, IV will purchase Kodak's patent portfolio subject to licenses Kodak will grant or has already granted to the participants.
In a statement, Kodak confirmed that one other aspect of the agreement is that it settles "current patent-related litigation between the participants and Kodak, which avoids additional litigation costs and helps to ensure that management and the company's resources focus on enhancing the operations of its core future businesses."