Ko­dak to sell Gallery Photo Ser­vices site to Shut­ter­fly

Smart Photography - - News Watch -

East­man Ko­dak Com­pany has an­nounced that it has en­tered into an agree­ment with Shut­ter­fly, a lead­ing In­ter­net-based so­cial ex­pres­sion and per­sonal pub­lish­ing ser­vice, for the pro­posed sale of cer­tain as­sets of its Ko­dak Gallery on-line photo ser­vices busi­ness for $23.8 mil­lion. The terms of the agree­ment in­clude the trans­fer of Gallery cus­tomer ac­counts and images in the U.S. and Canada to Shut­ter­fly. Ko­dak will give cus­tomers who do not want their pho­tos trans­ferred to Shut­ter­fly the op­por­tu­nity to opt out of the tran­si­tion process. Those cus­tomers could then re­trieve their images through free downloads or by pur­chas­ing DVDS from Ko­dak Gallery. Un­der the terms of the agree­ment, Ko­dak will seek U.S. Bank­ruptcy Court ap­proval of sale and auc­tion pro­ce­dures by late March. Un­der these pro­posed pro­ce­dures, other po­ten­tial buy­ers may sub­mit al­ter­na­tive bids to Ko­dak and seek to es­tab­lish the su­pe­ri­or­ity of their al­ter­na­tive bid. Ko­dak is tar­get­ing com­ple­tion of the sale process this spring.

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