The sale of many of Kodak’s digital patents has been approved by a federal bankruptcy judge. Kodak had announced last month it had a deal pending to sell about 1500 patents for $525 million.
The patents are being sold to a group organized by two companies called Intellectual Ventures and RPX Corporation. Among the companies who are part of the consortium, Apple, Google, Samsung, HTC Corporation, Faceboook, Fujifilm and Microsoft.
Kodak issued a statement Friday morning about the approval:
"With the Court’s approval of the sale of our digital imaging patent portfolio, we have achieved one of Kodak’s key restructuring objectives, while positioning our Commercial Imaging business for further growth and success, and enabling Kodak to repay a substantial amount of its initial lending."
The bankruptcy judge also approved the sale of the utilities at Eastman Business park to a company called Recycled Energy Development.