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Beats By Dre Steelers Southern District of New York

A sale of the roughly 1,Beats By Dre Steelers,100 patents, which Kodak has said were worth as much as $2.6 billion, has been a key element of the Rochester,Beats By Dre Steelers, New York-based company's plans to repay creditors as it shifts focus to commercial packaging and printing from photography.

But in a filing with the U.S. bankruptcy court in Manhattan, Kodak said it will delay "until further notice" a September 19 court hearing to approve such a sale, which had been scheduled following three adjournments.

While Kodak and its affiliates remain in sale talks, they "are continuing to explore other alternatives with respect to the digital imaging patent assets, and their intellectual property more broadly, and may not reach acceptable terms with parties via the auction process,Beats By Dre Leopard," according to the filing.

The company said that if a transaction does not occur,Beats By Dre Spiderman, Kodak may create a licensing company for the patents "as a source of recovery for creditors."

According to published reports, the bids that Kodak received for the patents were far lower than what it had hoped, including bids below $500 million from prospective buyers such as Apple Inc (AAPL.O) and Google Inc (GOOG.O).

Krista Gleason, a Kodak spokeswoman, said on Friday that sale talks remain "active," and that the company has not decided whether to sell or license the patents.

Kodak shares were down 3 cents at 18.7 cents on Friday morning on the Pink Sheets,Beats By Dre Spiderman.

The case is In re: Eastman Kodak Co et al,Beats By Dre Leopard, U.S. Bankruptcy Court, Southern District of New York,Beats By Dre Leopard, No. 12-10202.

(Reporting by Jonathan Stempel in New York; Editing by Gerald E,Beats By Dre Leopard. McCormick and Matthew Lewis)

Beats By Dre Leopard UBSN.VX

ZURICH (Reuters) - UBS is expected to reveal plans on Tuesday to wind down its fixed income business and fire 10,000 bankers,Beats By Dre Leopard, with shareholders cheering one of the biggest bonfires of finance jobs since the implosion of Lehman Brothers in 2008.

The move will focus Zurich-based UBS (UBSN.VX) around its private bank and a smaller investment bank, ditching much of the trading business that saw it lose $50 billion in the financial crisis and one rogue trader lose $2.3 billion last year.

Chief Executive Sergio Ermotti is expected to announce plans for a slimmer, less risky investment bank focused on equities,Beats By Dre Leopard, foreign exchange trading and giving corporate advice.

Investors are keen for details on how the Swiss bank will wind down the fixed income unit without incurring big losses. Employees complain they have been in a state of limbo after months of rumors of cuts.

"It's becoming like torture,Beats By Dre Leopard, especially for those that don't think they will be compatible with the new Orcel team,Beats By Dre Spiderman," said one employee, referring to Andrea Orcel, a close ally of Ermotti from Bank of America (BAC.N) who arrived in July and is expected to run the investment banking unit's remaining businesses.

Bankers were already anxiously awaiting news of an initial 400 job cuts set to hit this week, though that will likely be just the beginning of a cycle of layoffs that will hit those in fixed income trading the worst.

A smaller investment bank would leave UBS to focus on its private bank,Beats By Dre Steelers, which looks after the affairs of rich people. It is the second-largest operation of its kind in the world after Bank of America with $1.554 trillion in assets according to a compilation by Scorpio Partnership.

UBS was one of the banks hardest hit by the financial crisis when its fixed-income unit racked up more than $50 billion in losses after gorging on subprime securities, forcing it to seek a bailout from the Swiss government.

After settling a damaging U.S. tax probe in 2009, the bank had just started to rebuild client confidence when the $2.3 billion trading scandal surfaced in September last year.

Kweku Adoboli, who worked on the bank's London-based exchange-traded equities funds desk,Beats By Dre Spiderman, has pleaded not guilty to two counts of fraud and four of false accounting over the costly bets. His trial is under way in London.

The overhaul expected to be announced on Tuesday comes against the backdrop of far tougher regulation on riskier securities trading activities, and would represent a return to advisory roots stemming from UBS's purchase of Warburg, a British merchant bank, in 1995.

UBS stock rose sharply on Monday, with investors cheered by the prospect of the bank paying out to shareholders the capital freed up as a result of the overhaul.

However, there is still plenty of uncertainty surrounding the plans to wind down the fixed-income arm,Beats By Dre Steelers, which includes activities such as trading in commodities and credit. Analysts say there are few precedents of a bank winding down such a big operation, making it hard to gauge the cost the move.

"We will need to see whether they can run down the assets and the cost base without disruptive losses," Barclays analysts Jeremy Sigee and Kiri Vijayarajah wrote in a note to investors.

The expected UBS cuts will add to the tens of thousands of jobs the financial sector has shed globally since the financial crisis of 2008. UBS's investment bank and fixed-income business in particular was the object of public anger in Switzerland following the 2008 government bailout.

UBS's private bank also faces challenges, with profits falling as Swiss banking secrecy is weakened by repeated demands from foreign governments determined to recoup tax on undeclared funds held in offshore accounts.

UBS's rival Credit Suisse (CSGN.VX) said last week it was also making more cost cuts as part of efforts to bolster its profits and capital position,Beats By Dre Leopard.

The UBS overhaul is expected to be announced alongside what analysts forecast to be a 55 percent drop in third-quarter net profit.

(Reporting By Katharina Bart. Additional reporting by Sarah White and Sophie Sassard in London.)