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Kodak sells digital patents to pay off creditors

Kodak is selling 11,000 digital patents in a silent auction in Manhattan beginning today. The company is hoping to use the proceeds to pay off some of its creditors.

The Wall Street Journal reports technology giants Google and Apple are both bidding, but the initial offers are much lower than the estimated $2.6 billion Kodak says the patents are worth.

Rochester Democrat and Chronicle Business reporter Matt Daneman says that could change.

"There's some sentiment out there that these patents could be very valuable in the smart phone space," Daneman said. "And when you got companies like Apple versus Google battling tooth and nail for market share, this could be a very lucrative time for Kodak."

Daneman says one money manager told him Kodak's stock could rebound several dollars per share depending on what it receives from its patents.

The bankrupt former film giant has to accept a bid by August 13th.