Eastman Kodak - once a leading force in the American technology sector - has hit hard times in recent years and now finds itself on the brink of bankruptcy. According to the Wall Street Journal, the company is hoping to sell off its patent portfolio in a final effort to reverse its fortunes.
Although Kodak has not confirmed this speculation, the news source reported that the company has already spoken to banks regarding a possible $1 billion in financing to keep operations running throughout Chapter 11 bankruptcy proceedings. Kodak has, however, highlighted its desire to find suitors for its portfolio of approximately 1,100 patents.
Much of the blame is being cast on company chief executive Antonio Perez, who, according to the Journal, has authorized several failed patent lawsuits and licensing deals in recent years. As a result, Kodak - and its more than 19,000 employees - is skating on thin ice.
Antoine Gara, investment analyst and contributing writer for the Street, has suggested that it may already be too late for the troubled corporation. With company officials investigating such a wide variety of scenarios and solutions, Gara noted that it may be difficult to allocate adequate resources to design an effective means of attracting genuine interest in Kodak's intellectual assets.