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Kodak bondholder asks trustee to probe patent bidding

Reuters – A New York hedge fund that owns bonds of bankrupt Eastman Kodak EKDKQ.PK has asked the U.S. Trustee to probe the company’s patent auction because it was concerned about the “unusually secretive” bidding process, Bloomberg reported.

Kodak, which filed for bankruptcy in January, began selling 1,100 digital patents in early August and extended the auction last week, citing ongoing discussions with bidders. The company would use the proceeds to pay back investors after borrowing nearly $700 million in bankruptcy financing.

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