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Kodak Sells To Shutterfly

Posted: March 5th, 2012 | Author: | Filed under: Business News | Tags: , , , | Comments Off on Kodak Sells To Shutterfly

KodakKodak has agreed to sell its online photo services to Shutterfly Inc for $23.8 million, kicking off the bankrupt photography pioneer’s relaunch as a much slimmer company although a patent sale seen crucial to its turnaround may still be months away. The once-iconic company that invented the hand-held camera has said it will quit the camera business and is expected to fetch $1 billion to $2 billion from the sale of about 1,100 digital patents, which is due to get under way by June 30.

Reuters reported that a source familiar with the patent sale said the process was moving forward, but added that the completion was not expected anytime soon. Complicating the prospects is a dispute with computer giant Apple Inc over one of the patents.

At a hearing on March 8, a bankruptcy judge will hear Apple’s motion to move forward with its patent-infringement suit. Apple has asked the bankruptcy court to lift the automatic stay applied to pending litigation against Kodak when the company filed for Chapter 11 on January 19. Kodak said the deal with Shutterfly followed a “stalking horse” bid – a starting bid or minimally accepted offer that other bidders must surpass in a court-supervised auction – from the web-based personal publishing service. Read the full article »»»»

SAAB Files For Bankruptcy

Posted: December 19th, 2011 | Author: | Filed under: Business News | Tags: , , , , , | Comments Off on SAAB Files For Bankruptcy

SAAB Files For BankruptcyThe stalwart Swedish car maker Saab has filed for bankruptcy, bringing to an end two years of struggle to rescue the iconic brand.

Final desperate efforts to organise help from China were obstructed by General Motors over licences.

A statement on the court’s website said three Saab companies had filed for bankruptcy: SAAB Automobile Aktiebolag, Saab Automobile Tools AB and Saab Automobile Powertrain. Saab’s charismatic chief executive Victor Muller had been due to appear before the court on Monday as judges had been scheduled to decide whether to lift or prolong the three-month bankruptcy protection Saab had been placed under while it was attempting to negotiate a deal to rescue the company.

The car maker was forced to halt production in April as suppliers stopped deliveries over mountains of unpaid bills. Saab’s some 3,700 employees, whose salaries have been delayed for five months running, have yet to receive their November pay cheques :: Read the full article »»»»