The proposed sale, to a consortium including Google, Apple, Research in Motion (RIM), Facebook, Amazon, Samsung, Microsoft, HTC, Shutterfly, Adobe Systems, FujiFilm Holdings and Huawei Technologies, was announced last month subject to court approval.
This was duly given in the US Bankruptcy Court in Manhattan last week, with Judge Allan Gropper remarking: "We're disappointed in the price, but we're moving the case forward."
On the upside, while the patents will now be sold for only a quarter of what was initially envisaged, the deal will allow Kodak to secure some $830m in interim and exit finance to help it proceed with its plan to exit Chapter 11 later this year.
Kodak said in a statement: "The monetization of non-core IP assets achieves one of Kodak's key restructuring objectives while positioning its commercial imaging business for further growth and success."
The patent sale agreement is expected to settle all patent-infringement lawsuits between Kodak and the 12 licensees, including Fujifilm, which is currently engaged in a tit for tat legal battle with Kodak over alleged violations of the pairs US patents.
