Eastman Kodak may have dodged the bankruptcy bullet after announcing a regular financial repayment. Shares have nearly doubled since Friday, when they set a record low amid reports that the end was near.
Trading Wednesday around $1.30, shares of the photography giant are still very low. But it's a far cry from Friday's low of 78 cents, set after fears the company would head to bankruptcy court. Kodak shares last traded that low in 1974.
To be sure, the Rochester, N.Y.-based Kodak said it has retained the major law firm Jones Day for advice, without specifying on what concerns. On Monday, it confirmed it had made a regularly scheduled $14 million payment on debt.
Meanwhile, Kodak still hasn't announced the winning bidders for about 1,100 imaging patents conducted by Lazard. Intellectual property investment bankers have told IBTimes they could be valued as high as $2 billion.
The patents may have attracted attention from imaging rivals, as well as smartphone and tablet developers including Apple, Google, Microsoft, Samsung Electronics and others. In July, Kodak won a preliminary ruling from the U.S. International Trade Commission that Apple had infringed upon its image preview patents for the iPhone 4.
Last month, speculation swirled about the veteran imaging company's health after it drew down $160 million in a revolving credit line to meet general obligations. By tradition, Kodak's fourth quarter is its biggest and most profitable.
Despite Kodak's share recovery, its market capitalization is about $350 billion and enterprise value is $854.3 billion. The company said it plans to announce third-quarter results Nov. 3.