Eastman Kodak's patent auction isn't going as planned. Although the company believes that the patents it owns should be valued at US$2.6 billion, reports indicate that only low-end bids between US$150 million and US$250 have been made. Thus, Kodak may wind up pulling the plug on the proceedings.

The auction was supposed to end earlier this week, but on August 13 the Kodak chose to extend it. Still appearing unsatisfied by offers, Kodak has now issued a statement, which reads that it "had not reached a determination or agreement to sell the digital imaging patent portfolio, and may retain all or parts of it."

Kodak is in the midst of trying to sell off its Digital Capture and Kodak Imaging Systems and Services (KISS) patent portfolios, in order to repay a US$950 million credit line that it was provided after filing for Chapter 11 bankruptcy protection in January. The money brought in from the sale would go toward paying back those who are lending the company money to stay afloat.

Kodak hasn't disclosed how it'll pay back its lenders if it can't settle on a winning bid.

It is being rumoured that two groups are duking it out for the Kodak patents: One is said to feature Apple, Microsoft and Intellectual Ventures, while the other supposedly consists of Samsung, HTC, LG and RPX.

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