Kodak to sell consumer and document imaging businesses

Kodak plans to sell most of its consumer and document imaging businesses and shift its focus to commercial printing.

The company is trying to emerge from bankruptcy, but if the move goes ahead it will mean the end of the photography firm as we know it.

It is already trying to auction off its digital patent portfolio and wants to complete the sales by mid 2013.

Chief Executive Antonio Perez told Reuters that the company needs to raise nearly $700 million to pay back its creditors and exit bankruptcy.

While it had hoped that its patent sale would generate at least that much, no one seems to be interested. The patents have been up for sale for nearly two weeks without a deal.

Perez said that the only way of ensuring sufficient funding for successful emergence from bankruptcy is the sale of the consumer and document imaging businesses.

Kodak went bankrupt in January, unable to make enough cash as the world moved to digital imaging.

The businesses up for grabs include Kodak’s personalised imaging business, which includes most of its consumer products and retail printing kiosks, and its document imaging business, which makes scanners for enterprises.

If the company can find a buyer, Kodak would emerge from bankruptcy as a different company than when it went in, with less of a focus on consumer and retail and more interest in commercial, packaging and functional printing.

Perez did not say how much he hoped to get for the businesses.