Kodak patent sale approved

digital-imaging patents, won court approval to auction the assets as part of its bankruptcy restructuring, Bloomberg reports.

US Bankruptcy Judge Allan Gropper, in Manhattan, said at a hearing that he would approve an order allowing a sale process for more than 1 100 patents.

Kodak, which filed for bankruptcy protection in January, is on a mission to sell its vast patent portfolios - which the company said has generated more than $3 billion in licensing revenues since 2001, CNET writes.

As part of a last-minute attempt to downsize the company, restructure and focus on printing services rather than the photography market - potentially saving the beleaguered former photography giant - the New York-based corporation wishes to gain additional revenue by trading patents that relate specifically to digital imagery, ZDNet notes.

These patents focus on processes including shrinking, manipulating, editing and sharing.

The sales can now go ahead, despite objections from firms including Apple and FlashPoint Technology.