Apple and Google are partnering to bid over $500 million for Kodak’s patents out of bankruptcy protection, a Bloomberg article said.

Previously, both companies purchased about 1,000 of Kodak’s imaging patents over the summer.

Proceeds of the patents auction will support the company’s turnaround.

To read the Bloomberg article, click here.

Separately, it was reported in court documents that Kodak and some of its affiliates entered into a settlement agreement with CVS Pharmacy allowing CVS to continue to house Kodak kiosks in its stores.

Previously on

Kodak Accepts Improved Financing From Second Lien Noteholders, Thursday, November 29, 2012