Bankrupt photography pioneer Eastman Kodak Co said it has agreed to sell some of its document imaging business' assets for $210 million in cash under a stalking horse bid by Brother Industries Ltd.
Brother Industries will also be assuming liability for deferred service revenue from its document imaging business, totaling about $67 million as of Dec 31, 2012.
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"Stalking horse bids" set baseline offers for assets and are subject to auctions. Kodak will seek U.S. Bankruptcy Court approval for the deal at a hearing scheduled in late April.
The U.S. company said it is continuing the sale process for its personalized imaging business as it remains on track to emerge from bankruptcy in the middle of this year. It needs to raise at least $600 million from the sale of its noncommercial imaging assets, according to its amended financing agreement.
(Reporting By Aurindom Mukherjee in Bangalore; Editing by Sreejiraj Eluvangal)