The settlement protects one of the most valuable assets Kodak possesses as it goes through the bankruptcy process, Marketwatch reports. Executives at Kodak expressed concern that losing that placement would lower the eventual price for the bankrupt firm.
Also included in the settlement are claims the two firms had against each other. Kodak has agreed to reduced its $10.87 million claim against CVS to just $6.37 million, while CVS will take an unsecured $18.35 million claim against Kodak’s sale.
The path forward for Kodak is now clearer. The firm hopes to sell off its personalized imaging and document imaging businesses, which would allow it to move forward with a focus on commercial printing.
The next step for Kodak is finalizing a buyer for the firm’s 1,100 patents. Such a sale, for at least $500 million, is a condition for the financing package the firm hopes to get. Earlier today, reports came out that Apple (NASDAQ:AAPL) and Google (NASDAQ:GOOG) have agreed to jointly purchase the patents.
On Friday, the court will consider letting Kodak sign off on the proposed financing.