The US Bankruptcy Court gave an order approving the sale of patent assets of Eastman Kodak Co. on January 11, 2013. The debtor has been authorized to sell its patent assets to Intellectual Ventures Management, LLC, the winning bidder at the auction, for a purchase price of $527 million in cash.

Intellectual Ventures and Eastman Kodak signed an asset purchase agreement on December 18, 2012. Shearman & Sterling LLP acted as legal advisor for Intellectual Ventures.