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Eastman Kodak may be nearing bankruptcy but is suing Apple, 2,400 times larger, a way of staying alive?
Eastman Kodak, the storied American maker of cameras and film that may now be planning bankruptcy, brought a new lawsuit today against Apple Inc and also sued the Taiwanese smartphone maker HTC Corp for infringing patents on photo sharing technology, according to Bloomberg.
Filed in US District Court in the town of Rochester, where Kodak is based, the suits allege that both companies used patented Kodak technology that allows smartphone users to share images directly from their cameras.
More from GlobalPost: Kodak contemplating Chapter 11 bankruptcy
According to Reuters, Apple has a market value 2,400 times greater than the struggling Kodak. Apple is allegedly violating Kodak's patents by selling the iPad 2, the iPod touch and certain iPhones, according to the suit.
The Wall Street Journal reported today that Eastman Kodak had previously sued Apple for violating patents on image previewing technology.
The Journal also reported that Kodak announced it was restructuring itself in order to remain a viable business by reducing the number of its operating segments to two from three, an effort to turn the company's fortunes around even is it contemplates bankruptcy.
According to Fox Business, Kodak had said in November it would sell a patent portfolio to generate funds to continue operating as income from its film business continues to decline. The patents could be worth more than a billion dollars, according to Fox.
Kodak shares rose $0.24, or 60 percent, on the news while Apple's also rose about 0.4 percent to $423.34, according to The Journal's Market Beat blog.
An Associated Press video explores the reasons that Kodak is so close to bankruptcy. Check it out below: