The final price is a lot less than the company wanted as it seeks to emerge from bankruptcy.
The patent sale is part of Kodak's strategy to emerge from bankruptcy. The company filed for Chapter 11 protection in January 2012. A stipulation of a $950 million loan it received from Citigroup to remain afloat required it to sell off some of its intellectual property. However, the final price was a disappointment to the company, which acknowledged in a filing that its earlier estimate that the patents were worth as much $2.6 billion "was not achievable."