Kodak has completed the sale and licensing of its digital patents. The company is selling 1100 digital imaging patents for $527 million dollars.
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.
The sale of the patents is a key part of Kodak's effort to emerge from Chapter 11 bankruptcy, something it expects to do this year.
The completion of the patent sale helps Kodak repay a substantial part of its initial financing.
Even with the sale, Kodak says it will retain the rights to use the patents sold in the transaction, and it still maintains ownership of about 9600 other patents, many of which are focused on its core business. Kodak is focusing on commerical printing and packaging as it emerges from bankruptcy.
Kodak says the deal also includes an agreement to settle current patent-related litigation between Kodak and those involved in the sale of the patents.