Kodak said on Friday it may abandon efforts to sell a portfolio of digital imaging patents at auction, and has delayed indefinitely a court hearing to approve such a sale.
In a filing with the U.S. bankruptcy court in Manhattan, Kodak said if it were unable to reach acceptable sale terms, it could create a licensing company for the patents as a means to help repay creditors in its Chapter 11 case.
Kodak has been attempting to find a buyer for its vast portfolio of patents, comprising of more than 700 patents across digital cameras, smartphones and tablets, in an attempt to recoup cash needed as part of its bankruptcy restructure. The company filed for bankruptcy in late January after failing to keep pace with a digital market.
It has also been attempting to use its extensive patents to recoup some cash, firing off lawsuits against the likes of Apple, Samsung and HTC.
It lost its fight against Apple and co-defendant RIM in July when a judge ruled neither party had violated Kodak's rights. Kodak claimed Apple had been attempting to delay the sale of its large patent portfolio by wrongly claiming ownership of 10 image-preview patents created in partnership with Kodak in the early 1990s.
Kodak has said it will appeal the decision.
It is also embroiled in another case against Apple and HTC over its digital imaging patents. That case began in February and is still underway.