The Rochester, NY manufacturer initially scheduled a court hearing to approve the sale of more than 1,100 digital imaging patents for 20 August but the company has subsequently rescheduled the hearing three times to 30 August, 7 September and more recently 19 September.
In June Kodak announced that proceeds from the patent sale would be used to repay the company’s creditors, forming a key part of its strategy for successful emergence from Chapter 11 bankruptcy protection along with a shift in focus toward commercial packaging and printing.
But on Friday (14 September) in a filing with the US bankruptcy court the imaging giant adjourned the hearing indefinitely.
According to the filing Kodak is "continuing to explore other alternatives with respect to the digital imaging patents and their intellectual property more broadly and may not reach acceptable terms with parties via the auction process".
The firm said if no transaction took place it would consult with creditors on the possibility of "the retention of the imaging patent assets and the creation of a newly-formed licensing company as a source of recovery for creditors".
Kodak has been involved in ongoing negotiations in recent weeks with potential buyers for its patent portfolio, which it has claimed could be worth as much as $2.6bn (£1.7bn).
However reports suggest that bids from companies such as Apple and Google have been significantly lower at around $150m-$250m.
A spokesman for Kodak said: "Kodak continues active negotiations with regard to the potential sale of its digital imaging patent portfolio. Rather than file additional extensions of the hearing to approve the sale, Kodak filed with the court a notice to adjourn the sale hearing until further notice.
"The company reiterates that it has not reached a determination or agreement to sell the digital imaging patent portfolio and may, in consultation with its creditors, decide to retain and license these assets as a source of recovery for creditors."
