Bloomberg News reported Saturday that Apple and Google have abandoned competing bids for the portfolio to offer a combined $500 million. The sum is the minimum Kodak can sell the patents for and still get an $830 million loan that’s crucial to getting the company out of bankruptcy.
Apple and Google declined to comment on the report. A Kodak representative did not immediately respond to a request for comment.
Kodak filed for Chapter 11 bankruptcy protection in January after struggling to adapt to the world of digital photography.