Kodak has done a $525m deal with a consortium of a dozen technology companies to sell off its patents, and heralded it as a major step to emerging from Chapter 11 bankruptcy protection.

Antonio Perez, CEO Kodak, says "This monetisation of patents is another major milestone toward successful emergence. Our progress has accelerated over the past several weeks as we prepare to emerge as a strong, sustainable company."

At the same time it has just announced a loss of close to US$1bn for the first nine months of 2012; revenue was US$3bn, gross profit was US$404m with the pre-tax loss coming in at a whopping US$987m.

Much of the loss came from the US$510m the company spent on restructuring and reorganisation costs. It also paid US$117m on interest.

The $525m from the patents sales is crucial to the survival of the imaging giant as it will secure the US$830m loan package it agreed to last month, and with this refinancing Kodak says it will move out bankruptcy in the first quarter of next year. The $525m figure is way below Kodak’s initial valuation of up to $3bn.

The companies involved in the patent purchase consortium include the biggest names in technology with Microsoft, Google, Samsung, Apple, Research in Motion, Facebook, Amazon, HTC, Shutterfly, Adobe, Fujifilm and Huawei all in there.

The deal also includes a clause to settle all current outstanding litigation between Kodak and the members of the consortium, which the company says will enable it to focus on growing the business. That business growth will come in the commercial printing and packaging markets.