"Eastman Kodak Co. (PINK:EKDKQ) said late Thursday it has entered into an agreement to sell its online photo gallery business to Shutterfly (NASDAQ:SFLY) for $23.8 million as it seeks to focus on retail photo services and home printing products.
The iconic camera maker, which filed for chapter 11 bankruptcy in January, agreed to a “stalking bid” in a court supervised auction to ensure the maximization of value for the assets.
Shutterfly’s bid is the first in an auction process that Eastman Kodak is seeking to have approved in U.S. bankruptcy court by late March."