Kodak reaches $210-million agreement to sell Document Imaging Business

Posted at: 04/15/2013 9:19 AM
Updated at: 04/15/2013 9:39 AM
By: Associated Press

Kodak says it has agreed to sell some of its document imaging assets to Brother Industries Ltd. for about $210-million.

Under the deal, Brother also will assume the business' deferred service revenue liability, which totaled about $67 million as of December 31.

The document imaging business provides scanners, capture software and related services. Brother makes laser, label and multi-function printers, along with fax machines and sewing machines.

The deal remains subject to bankruptcy court approval along with possible competing bids. Kodak hopes to receive final approval in June.

Kodak says the deal is another key step on its path to emerging from bankruptcy protection.

Eastman Kodak Co. filed for Chapter 11 bankruptcy protection in January 2012. It's said it hopes to emerge from court protection this summer.