Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Court Approves Sale of Kodak's Digital Patents, Eastman Business Park Utilities
Author: Joel R. Glucksman
Date: January 25, 2013
Key Contacts
Back
2013: The Year Kodak emerges from Bankruptcy Protection?
The Eastman Kodak Co. is a step closer to emerging from Chapter 11 bankruptcy protection in mid-2013 after a U.S. court approved the long-awaited sale of its digital imaging patents.
United States Bankruptcy Judge Allan Gropper approved the $527 million purchase of Eastman Kodak Co.’s digital imaging patent portfolio, which will set the company up to meet its goal to exit bankruptcy protection this year. Although the company expressed its disappointment at the final amount of the sale, it does put Kodak in line to accept $830 million in financing from bondholders, the agreement of which was contingent on the sale of its patent portfolio for at least $500 million. The photography pioneer had initially anticipated its patent portfolio would sell for roughly $2 billion.
In addition to the finalization of this sale, the company also entered into another purchasing agreement with Recycled Energy Development, which will purchase and convert the utility infrastructure of Eastman Business Park. The Illinois-based group plans to convert the industrial park’s coal-fired power plant to natural gas, and pay Kodak roughly $8.5 million for the utility assets.
“With the court’s approval of the sale of our digital imaging patent portfolio, we have achieved one of Kodak’s key restructuring objectives, while positioning our Commercial Imaging business for further growth and success, and enabling Kodak to repay a substantial amount of its initial lending,” Kodak officials said in a statement. “We also welcome the court’s approval of the sale of Eastman Business Park’s utilities to Recycled Energy Development, which marks a major step in the park’s revitalization and provides stability for the park and its tenant companies.”
The company said it plans to use some of the proceeds from its patent sale to repay creditors and emerge from proceedings more quickly. Kodak filed for protection under bankruptcy law one year ago, and the road to exit bankruptcy court has been an arduous one for the company.
If you face bankruptcy issues in your business or would like more information on the topic above, please call me, Joel Glucksman, at 201.806.3386.
- Practices: Bankruptcy & Creditors' Rights, Patents, Corporate Transactions & Business, Bankruptcy Litigation
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Commercial Real Estate Trends to Watch in 2026
Commercial real estate trends in 2026 are being shaped by shifting economic conditions, technological innovation, and evolving tenant demands. As the market adjusts to changing interest rates, capital flows, and workplace models, investors, owners, tenants, and developers must understand how these trends are influencing opportunities and risk in the year ahead. Overall Outlook for Commercial […]
Author: Michael J. Willner
One Big Beautiful Bill: New Tip Income Tax Rules Employers & Workers Need to Know
Part 2 – Tips Excluded from Income Certain employees and independent contractors may be eligible to deduct tips from their income for tax years 2025 through 2028 under provisions included in the One Big Beautiful Bill. The deduction is capped at $25,000 per year and begins to phase out at $150,000 of modified adjusted gross […]
Author: Scott H. Novak
One Big Beautiful Bill: New Overtime Tax Rules Employers and Employees Need to Know
Part 1 – Overtime Pay and Income Tax Treatment Overview This Firm Insights post summarizes one provision of the “One Big Beautiful Bill” related to the tax treatment of overtime compensation and related employer wage reporting obligations. Overtime Pay and Employee Tax Treatment The Fair Labor Standards Act (FLSA) generally requires that overtime be paid […]
Author: Scott H. Novak
New York’s FAIR Business Practices Act: What the New Consumer Protection Measure Means for Your Business
In 2025, New York enacted one of the most consequential updates to its consumer protection framework in decades. The Fostering Affordability and Integrity through Reasonable Business Practices Act (FAIR Act) significantly expands the scope and strength of New York’s long-standing consumer protection statute, General Business Law § 349, and alters the compliance landscape for New York […]
Author: Dan Brecher
How to Reduce Legal Risk as Your New Jersey Business Grows in 2026
For many New Jersey businesses, growth is a primary objective for the New Year. However, it is important to recognize that growth involves both opportunity and risk. For example, business expansion often results in complex contracts, an increased workforce, new regulatory requirements, and heightened exposure to disputes. Without proactive planning, even routine growth can lead […]
Author: Ken Hollenbeck
Crypto Investor Protection: SEC and CFTC Enforcement Trends
Crypto investor protection continues to evolve, with the SEC and CFTC investing resources and coordinating more closely to uphold regulatory standards. Whether you’re a retail investor, an institutional trader, or part of a crypto startup, understanding enforcement trends is essential for navigating this dynamic and high-stakes regulatory environment. Crypto Is No Longer the Wild West […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.