Kodak sells digital patents for $525M

ROCHESTER, N.Y. -- Eastman Kodak will receive about $525 million from the sale of its digital imaging patents, money the struggling photo pioneer says will help it emerge from bankruptcy protection in the first half of next year.

The Rochester-based company filed for Chapter 11 bankruptcy protection in January after struggling to adapt to the shift to digital photography.

Kodak is selling the patents to a group of licensees organized by Intellectual Ventures and RPX Corp.