The sale will allow the firm to repay a substantial amount of its initial DIP loan
Kodak has completed the sale and licensing of its digital imaging patents to a consortium led by Intellectual Ventures and RPX in a transaction worth $527m.
Part of the transaction has been paid by the 12 intellectual property licensees involved in the consortium, while the other portion was paid by Intellectual Ventures.
Eastman Kodak chairman and chief executive officer Antonio Perez said that the licensing and sale of the company's digital imaging patents marks another major milestone toward successful emergence.
"We are on track to emerge as a profitable, sustainable company," Perez said.
Additionally, the sale will allow the firm to repay a substantial amount of its initial DIP loan, satisfying a major condition for its newly approved financing facility, and place its core Commercial Imaging business for future growth and success.
Kodak will also retain rights to use the 1,100 digital imaging patents sold as well as maintain ownership of about 9,600 patents, including several aimed at its core business.
The transaction also includes an agreement to resolve existing patent lawsuit between the participants and Kodak, which would prevent further litigation costs.
The consortium comprises tech giants including Microsoft, Apple, Google, Samsung Electronics, Research In Motion, Adobe Systems, Amazon.com, Facebook, Fujifilm, Huawei Technologies, HTCand Shutterfly.