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A week ago
Bloomberg published that Kodak is weighing its options including a bankruptcy filing because of concerns raised by possible buyers of its patent portfolio, according to the three Bloomberg sources with direct knowledge of the process. Some potential bidders for the patents are wary of proceeding because a purchase may amount to a so-called fraudulent transfer if Kodak is insolvent.
A number of suitors, such as Google, have signed confidentiality agreements to examine the assets, said Bloomberg sources. If a sale was judged fraudulent, creditors may sue for more money, said one of the sources. A bankruptcy filing may help clear the way for a patent sale, said the people. The sale could fetch about $3 billion, MDB Capital Group estimates.
Kodak confirmed that it hired Jones Day to advise it on considering options and said it doesn’t plan to seek bankruptcy protection. Kodak also has discussed its options with law firm Kirkland & Ellis LLP, Bloomberg sources said.
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