Eastman Kodak is going to sell some of its assets to raise $210 million in cash as it continues to work its way out of bankruptcy.
Brother Industries Ltd. will purchase the assets from Kodak, and it will assume liability for deferred service revenue related to the document imaging business, news reports said. The liability totaled about $67 million as of Dec. 31. The liability was defined as “debt that raises the value of the transaction,” according to a report from Motley Fool.
Kodak has to get the U.S. Bankruptcy Court to approve the deal. A hearing is expected to take place late this month. The approval, if given, could be declared in June. Bids from other companies are possible, too.
"A sale to Brother, should they prevail, would represent an excellent outcome for Document Imaging's customers, partners and employees," Kodak CEO Antonio M. Perez was quoted as saying by Motley Fool.
Overall, Kodak plans to sell its personalized imaging business and get out of bankruptcy later this year, Reuters said. Kodak filed for Chapter 11 bankruptcy protection in January 2012.
The company has to raise at least $600 million by selling noncommercial imaging assets, Reuters said.
Kodak’s document imaging business provides customers scanners, capture software, services and other items. Brother provides laser, label and multi-function printers, fax machines, and sewing machines, The Associated Press reports.
In December, Kodak sold some of its digital-imaging patents for about $525 million, Bloomberg News reported. It is trying to sell consumer-film and photo-kiosks, too, the report said. The consumer inkjet-printer business will be closed down.
Also, Kodak eliminated some 4,000 jobs during 2012. The company spent $3.4 billion on restructuring before declaring bankruptcy, Bloomberg said.
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