“Eastman Kodak Co’s proposed $525 million sale of its digital imaging patents to Intellectual Ventures and RPX Corp got a bankruptcy judge’s approval on Friday, bringing the photography innovator a step closer to exiting Chapter 11,” Nick Brown reports for Reuters.

“Judge Allan Gropper gave his green light at a hearing in U.S. Bankruptcy Court in Manhattan,” Brown reports. “‘We’re disappointed in the price, but we’re moving the case forward,’ Gropper said.”

Brown reports, “Intellectual Ventures and RPX lead a consortium of some of the world’s biggest technology companies, including Adobe Systems Inc, Amazon.com Inc, Apple Inc and Fujifilm Holdings Corp… Kodak said it was pleased with the court’s approval… Kodak, which traces its roots to the 19th century, invented the handheld camera but was unable to shift successfully into digital imaging. It will likely be a different company when it exits bankruptcy, leaving the consumer business and focusing instead on providing products and services to the commercial imaging market.”

Read more in the full article here.

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