Bankrupt camera maker Eastman Kodak Company
(PINK:EKDKQ) on Monday extended the auction deadline for its patents saying
that it was still in discussions with its bidders.
In a statement the company said that the auction was
ongoing. It did not provide any further details on the plea of confidentiality
agreements.
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There was no information also on the length of the
extension, though the company said it expected to submit regulatory filings
which would have more information about its financial projections and about its
businesses.
Kodak filed for bankruptcy in January 2012 and put up
its 1100 digital patents up for sale to raise cash and pay down debt as part of
its court-led restructuring. The patents have been estimated as having a total
worth of up to $2.6 billion.
The bids however are reported to have come in at much
lower values than expected. The Wall Street Journal had reported that Apple,
Google and Microsoft had been among the bidders.
The company had been expected to announce a winner on
Monday ahead of a bankruptcy court hearing on August 20.
Kodak, that has been unable to keep up with the
competition in digital imaging has lost more than $600 million so far this year
and had borrowed close to $700 million in bankruptcy financing.
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The company expects to be out of bankruptcy by early
2013 for which it will have to present a restructuring plan to the court by
this fall.
Kodak’s sale of its patents has also been marred by
ownership claims by various companies such as Apple, against whom it won a
partial reprieve with regard to two of its patents.
Shares of EKDKQ jumped 8% at mid day session.
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