Eastman Kodak is planning to auction 1,100 digital patents. Apparently some eager companies just can't wait to scoop them up: the now bankrupt company has already received two bids from investor groups including Apple and Google. They bids are reportedly between $150 million and $250 million, according to the Wall Street Journal.
Kodak believes its full war chest of patents could be worth up to $2.6-billion. That money is needed in order to repay creditors. The company filed for Chapter 11 protection in January.
While initial bids are low, they're apt to rise very quickly in bankrupt auctions, particularly for patents. Nortel Networks last year sold its patent portfolio for $4.5-billion after initial bids came in at less than $1 billion.
Kodak’s auction is slated to begin this morning.