Kodak is seeking to sell off its portfolio of digital imaging patents in a bid to raise cash during bankruptcy proceedings.

The firm has filed a motion to have a silent auction process approved, which would allow those interested in purchasing the patents to produce their best offer without revealing the amount.

Kodak, which announced it was filing for bankruptcy protection at the start of the year and has since stopped designing and manufacturing cameras has sold off several patents and technologies in the past, including the division responsible for inventing the world's first digital camera sensor.

It is expected that the auction, if approved in July, will be held in early August with a winning bidder being announced in the middle of August.

Confidentiality

In a statement, the company said that it had marketed its assets over the past 12 months, and 20 parties had signed confidentiality agreements relating to the patents.

Among the patents it holds include those which relate to digital capture of images, processing and transmission of images and image manipulation, tagging and network based services.

Now focusing its efforts on the printing side of the business, the silent auction appears to be the latest move to help save the 120-year-old company from folding altogether.

via Reuters