Eastman Kodak Co. (EKDKQ:US), the bankrupt photographic-equipment company trying to sell its patent portfolio, said 20 parties have signed non-disclosure agreements in order to be able to view confidential information about the patents as well as get access to an electronic-data room.
Kodak filed a motion with the bankruptcy court asking the judge to approve an auction process for more than 1,100 patents that will keep secret all bidder names and the dollar values of the bids, the Rochester, New York-based company said today in a statement.
Kodak asked the judge to authorize a process that will result in winning bidders being announced on Aug. 13, according to the statement. Kodak will ask bidders to submit bids by the end of July, people with knowledge of the matter said.
The company hired Lazard Ltd. more than a year ago to try and find buyers for the patents. The photography pioneer that introduced the Brownie camera more than a century ago filed for bankruptcy on Jan. 19 as the rise of digital photography impaired its high-margin film business.
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