The Eastman Kodak Company on Thursday outlined a plan to sell its legacy film units and focus on commercial printing services, as part of its plan to emerge from bankruptcy protection.
Kodak said that it will sell its personal imaging unit and its document imaging division, which makes scanners for corporate customers. The company added that it is still in talks to offload a trove of more than 1,100 digital imaging patents, after soliciting bids for the portfolio over the past two months.
Despite attracting interest from the likes of Apple Inc. and Google, Kodak has not drawn bids approaching the more than $2.2 billion value it placed on the patents, according to a person briefed on the matter. The company said that it is in discussions with its creditors about possible alternatives, including holding onto the intellectual property.
Even before it filed for Chapter 11 protection in January, Kodak had indicated that its future lay in commercial printing pr oducts and services, rather than its legacy film operations. In Thursday's announcement, the company said that it would continue to produce consumer inkjet printers and digital picture products.
“Kodak's goal is not simply to emerge from bankruptcy, but to emerge as a sustainable, profitable company,†Antonio Perez, its chief executive, said on a conference call with reporters on Thursday. “We have reached an important point in our transformation.â€
The sale of the two units, which will be handled by Lazard, is expected to be completed by June of next year.
