The news for bankrupt American icon Kodak (PINK:EKDKQ) doesn’t appear to be getting much better after the company announced further layoffs last week after selling its off-the-shelf print business to Shutterfly (NASDAQ:SFLY) in August, and now the company has been unable to reach an agreement on the sale of 1,000 patents anticipated to raise up to $200 million.
Kodak had originally scheduled an auction for the patents in August, and the company, in concert with the bankruptcy court, had rescheduled the original auction on at least three occasions.
However, Kodak advised the bankruptcy court on September 14 that is was going to indefinitely postpone further auctions while negotiations with potential investors continue.
Of course, Kodak has the right to keep the patents, and the company at one time discussed the possibility of setting up a separate company to profitably license the patent technology.
-Written by InvestorPlace.com Staff