Anyone with the slightest bit of interest in photography has probably already heard about Kodak’s bankruptcy woes. It was a long time coming, really, given how poorly the manufacturer has been doing for the past few years.
In a bid to stay afloat, Kodak began selling some of its patents and went on an infringement suing spree, filing cases against Apple and HTC, Fujifilm, and Samsung. They finally filed for Chapter 11 bankruptcy sometime in mid-January and drew up plans for restructuring the company, which were set to be completed by 2013.
Now Kodak has just finalized one more sale to put a couple more million towards their restructuring fund. The company initially hoped that the Kodak Gallery service would fetch “hundreds of millions of dollars,” but photo sharing and printing service Shutterfly finally flew in (pardon the pun) to take the Gallery off of Kodak’s hands. The sale price, however, was a whole lot lower than what Kodak had hoped: just $23.8 million.
Kodak Gallery’s 75 million users will be transferred to Shutterfly’s service if the sale gets the seal of approval from the US Bankruptcy Court–unless, of course, they choose to opt out.