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Kodak officials meet with employees

Posted at: 12/14/2012 12:08 AM

Kodak executives met with employees on Thursday to give them an update on progress as the company tries to exit from bankruptcy.

Last week, Bloomberg News reported that Apple and Google submitted a joint bid to purchase Kodak's digital patent portfolio. Sources told Bloomberg, the combined bid is valued at $500 million. That's the minimum amount Kodak needs to receive for the patents as a condition of arranging a financing package with creditors.

The company expects to emerge from bankruptcy in early 2013.