Shutterfly's $24M Stalking Horse Bid For Kodak Unit OK'd

Law360, New York (March 20, 2012, 3:05 PM EDT) -- A New York bankruptcy judge on Tuesday approved Shutterfly's $23.8 million stalking horse bid agreement for Eastman Kodak Co.'s Kodak Gallery online photo services business after remaining objections to the bid and the proposed bidding procedures were resolved.

At a hearing Tuesday, U.S. Bankruptcy Judge Allan L. Gropper approved the bid, which was announced March 1. Kodak is seeking to shed assets before the hotly anticipated sale of its blockbuster patent collection.

Now that the bidding procedures are approved, Kodak is set for an April 30...
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