OEM releases statement suggesting it may not sell its patent portfolio, after auction is extended.
According to technology website Tech Radar, Kodak is having second thoughts about selling its portfolio of 1,100 digital imaging patents, despite the auction already being underway.
A statement from the company reportedly reads that it “has not reached a determination or agreement to sell the digital imaging patent portfolio, and may retain all or parts of it as a source of creditor recoveries in lieu of a sale if it concludes that doing so is in the best interests of the estate.”
Although details of the auction are being kept strictly confidential, it was reported that initial bids from companies Google Inc. and Apple Inc. were significantly lower than the sum expected by Kodak, which estimated the patents to be worth $2.6 billion (€2.1 million). The opening bids were purportedly only between $150 million (€121.4 million) and $250 million (€202.4 million), although this was expected to rise as the auction progressed.
The Recycler reported last week that the auction has been extended due to “on-going discussions” between Kodak and its bidders, with the winners of the bidding originally due to be announced by the company on 13 August.