(MENAFN) Eastman Kodak, which in January filed for Chapter 11 bankruptcy protection, will sell its digital imaging patents for nearly USD525 million, reported AP.
The struggling photo pioneer said that proceeds of the sale will help the company emerge from bankruptcy protection in next year's first half.
The company, whose business struggled to make profits, faced growing competition from Japanese firms, then shifted from film to digital photography, however, it failed to keep up.
According to court filings, 12 firms, including Apple Inc., Google Inc., Samsung Electronics Co., Research In Motion Ltd., Microsoft Corp., China's Huawei Technologies and Facebook Inc., are competing to acquire the 1,100 patents.
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