We have been following the saga of imaging pioneer Kodak as they struggle to keep afloat in the new digital age. Their latest move however, does not bode well for the photography giant.

The Eastman Kodak company, who filed for Chapter 11 bankruptcy in January, were initially hoping to buy themselves some time with the move, allowing a restructure and avoiding complete shut down.

However, they have now made a move to sell of their last major asset – an archive of over 1,100 patents. Under the proposed auction, set to be held in early August, bids would be submitted in secret, with only the winning bidder and amount announced publicly at the end of the auction.

Fingers crossed the cash injection will breathe new life in into the brand.