Kodak has received an extension on its patent auction amid reports of lower than expected bids.
The storied camera company has reportedly only received low level bids from the likes of Apple and Google. Auction results were expected today.
No word has been given to how long the extension will last.
Kodak had hoped to settle the auction before a federal bankruptcy court hearing on 20 August.
"Kodak and its creditors have agreed to extend the timeline for announcing the outcome of the patent auction in light of continuing discussions with bidders. The auction, which is a complex and dynamic process, is ongoing," a Kodak spokesperson told V3.
"Like all participants, Kodak is still bound by the court order on confidentiality, and cannot comment further at this time."
Kodak currently finds itself in a difficult situation. The once successful camera company is attempting to generate revenue in the face of bankruptcy.
The auction was Kodak's attempt to generate some much needed revenue in time for a bankruptcy hearing in Manhattan next week. Kodak was looking to make roughly $2.2bn from the auction of its 1,100 patents.
However, according to a report by the Wall Street Journal, bidders were offering far less for the portfolio. The journal said over the weekend that companies like Google and Apple were only offering something less than $500m for the patents.
Such figures would be difficult for Kodak to swallow. The revolutionary camera company reportedly owes creditors around $700m.
Kodak's auction proceedings were slow to begin with, mired by Kodak's bankruptcy preparations and court cases involving Apple.
Apple had attempted to prove it co-authored certain patented technologies that Kodak planned to auction off. The company claimed that its subsidiary Flashpoint worked on a number of the imagery tools Kodak patented in the early 1990s.
Kodak has since called Apple's assertions "baseless" and accused the iPhone maker of using litigation as a way to derail the auction proceedings. Kodak went as far as to sue Apple on tampering charges two months ago.
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