Troubled technology giant, Eastman Kodak (News - Alert), says it’s indefinitely postponing its planned auction of its imaging patent portfolios. The company had scheduled the auction hearing back in August in an attempt to raise money by selling more than 1,000 as part of a strategy to emerge from bankruptcy protection by next year.
The auction was repeatedly delayed, however, to continue talks with potential buyers.
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 possibly keeping the patents, according to an Associated Press (News - Alert) article today.
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, noted the AP.
The company had estimated its existing patents to be worth between $2.2 billion and $2.6 billion, but the only bids it has received thus far fell below $500 million. Bidders included investor groups and other technology companies, including both Apple (News - Alert) and Google, according to media reports.
Kodak also recently announced that it will likely cut 1,000 additional jobs by the end of this year and may cut more as it focuses on its commercial packaging and printing business. At the end of last year, the company had about 17,100 employees. In the 1980s, it employed about 145,000 people.
The company, based in Rochester, New York, has already reduced its workforce by about 2,700 worldwide since the beginning of 2012, and is expected to save about $330 million from these fresh job cuts.
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Edited by Braden Becker