Kodak postpones bankruptcy auction on patents

Friday, September 14, 2012, Vol. 36, No. 37

NEW YORK (AP) — Kodak is postponing indefinitely an auction of its imaging patent portfolios.

An auction hearing had been scheduled in August for Eastman Kodak Co. to sell more than 1,000 patents as it tries to emerge from bankruptcy protection. The auction kept getting postponed as talks with potential buyers continued.

In a court filing Friday, Kodak said it won't keep rescheduling, even as negotiations continue. It also said it is "continuing to explore other alternatives," which include keeping the patents.

Kodak previously disclosed the option of keeping its patents, but Friday's filing added the possibility of creating a company to make money by licensing the technology.

Kodak, founded in 1880, was hurt first by Japanese competition and later by its inability to keep pace with the shift from film to digital photography.