A major roadblock has been lifted in Eastman Kodak's road to recovery from bankruptcy.
The company confirmed Friday that a federal bankruptcy judge has approved the sale of Kodak's digital imaging patent portfolio. The deal is said to be worth about $525 million.
Kodak says part of that will be paid by 12 intellectual property licensees organized by Intellectual Ventures and RPX Corporation. Another portion is going just to Intellectual Ventures.
The court also approved the sale of Eastman Business Park's utilities to Recycled Energy Development.
The sale also opens the door for Kodak to receive $830 million in loans from hedge fund and private equity firms, which Kodak says will also help to move it out of Chapter 11.
In a release, the company said, "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."