Rochester, N.Y. – Kodak and its creditors agreed late Monday afternoon to extend the timeline for announcing the outcome of its patent auction.
Kodak said it needs more time to work with bidders and would not be commenting further.
Kodak is hoping to reel in $2.5 billion. But according to a report in the Wall Street Journal, bids have come in lower than $500 million, which is far lower than Kodak expected.
These patents are seen as Kodak's most valuable asset. The company needs the cash to pay off creditors and emerge from bankruptcy.
Local Kodak Analyst, George Conboy from Brighton Securities, says "We're hoping these bids can still come in the $2 billion-plus range. That's what Kodak has been hoping for for some months, and of course signs over the weekend have been troubling, waiting anxiously to see what those numbers will be, because if they aren't in the $2 billion-plus range, it will be very difficult."
Conboy said he thinks the extension is good news, because it means the auction still has some life. The entire tech industry has been watching the sale. Apple and Google were among the bidders.
Kodak is also filed a document with the SEC outlining its blueprint for the future. The focus is on commercial and consumer printing. The company revealed it has axed 2,300 jobs so far this year. You can read the filing here.