Kodak sells digital imaging patents
ROCHESTER, N.Y. — Kodak is selling its digital imaging patents for $525 million, the bankrupt photography company said.
The sale of the more than 1,100 patents, part of the company’s restructuring efforts as it seeks to emerge from chapter 11 bankruptcy restructuring, involves the sale of the patents to a group of companies organized by Intellectual Ventures and RPX. According to published reports, companies buying the patents include Apple, Research In Motion and Google. Others include Adobe, Samsung, Fujifilm and China-based Huawei Technologies.
"The monetization of patents is another major milestone toward successful emergence," Kodak chairman and CEO Antonio Perez said. "Our progress has accelerated over the past several weeks as we prepare to emerge as a strong, sustainable company. This proposed transaction enables Kodak to repay a substantial amount of our initial DIP loan, satisfy a key condition for our new financing ability and position our commercial imaging business for further growth and success."
The company said the deal would allow it to continue investing in commercial imaging technologies that it said are fundamental to its future.
"Kodak remains a major center of invention and innovation," Perez said.
I really hope that this loan will help Kodak and will bring it back to life. This photography brand was almost a bankrupt but now they have a chance to recover and proceed work. Sometimes borrowing money, taking out loans or pay day loans can be very effective, but in case that the company will have enough money to pay the debt off. So now Kodak has a lot of work, they need to make enough money to eliminate the debt. It’s important to maximally use the chance they’ve just got and get back to financial prosperity.
Walmart names Karen Roberts EVP, general counsel
BENTONVILLE, Ark. — Karen Roberts was named EVP and general counsel for Wal-Mart Stores on Thursday amid the retailer’s ongoing investigation in possible violations of the U.S. Foreign Corrupt Practices Act.
Roberts, 42, is a 17-year Walmart veteran who most recently served as EVP and president of Walmart Realty for Walmart U.S. However, prior to that, she held the position of SVP and chief compliance officer for Walmart U.S. where she oversaw the establishment of food and product safety programs and a recycling program.
In her new capacity she will report to EVP and corporate secretary Jeff Gearhart, 48, effective at the beginning of the company’s new fiscal year on Feb. 1, 2013. Her responsibilities will include management of Walmart’s legal department and all legal matters affecting the company in its domestic and international markets, according to Walmart. Meanwhile, Gearhart will maintain oversight for the legal function in addition to his newly expanded responsibilities for Walmart’s compliance, ethics and investigations teams as part of the company’s steps to align the functions and further strengthen its global compliance efforts.
"Karen’s humility, transparency and collaboration embody the leadership qualities we look for at Walmart," said Gearhart. "She is an extremely talented professional whose integrity, breadth of experience and knowledge of Walmart make her uniquely qualified for this important role. Karen’s legal background and previous responsibilities directing our U.S. compliance and real estate functions provide an important perspective for overseeing the complex legal issues we deal with every day in our business."
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Stater Bros. posts increased sales, profit in FY2012
SAN BERNARDINO, Calif. — Sales at Stater Brothers increased by 1.83% to $67.8 million in fiscal year 2012, the company said in an earnings report.
The 167-store chain’s sales for the fiscal year, which ended Sept. 30, were $3.9 billion, thanks in part to an extra week; without the extra week, sales would be $3.8 billion, but still higher than 2011’s $3.7 billion. Profit for the year was $37.7 million, compared with $26.3 million in fiscal year 2011.
Sales for the fourth quarter were $1.025 billion, compared with $941.8 million in fourth quarter 2011. Sales for fourth quarter 2012 without the extra week would be $957.2 million.
"Our success in the current year is due to our valued customers responding favorably to our marketing efforts which have emphasized quality and value and has attracted new customers in fiscal 2012," Stater’s president, chairman and CEO Jack Brown said. "Our results reflect the benefit of our debt refinancing last year which as significantly reduced our interest expense."
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