Polaroid Corporation Initiates Financial Restructuring Process
subsidiaries today announced the company has filed voluntary petition for
reorganization under Chapter 11 of the U.S. Bankruptcy Code in order to
facilitate the Company’s ongoing financial restructuring process. The
financial restructuring process and the filing will not impact day-to-day
operations for employees, customers, retailers and suppliers.
Polaroid has entered bankruptcy with ample cash reserves sufficient to
finance the Company’s reorganization under Chapter 11. The Company has not
sought, nor does it expect to seek additional debtor-in-possession financing.
are strong and during this process Polaroid will ship products to our retail
partners, work with our suppliers and contract manufacturers to fulfill
retailer demand, honor customer warranties and employees are expected to
receive their regular paychecks without interruption. We expect to continue
our operations as normal during the reorganization and are planning for new
product launches in 2009.”
The financial structuring process and the bankruptcy filing are the result
of events at Petters Group Worldwide, the company that has owned Polaroid
since 2005. The founder of Petters Group and certain associates are currently
under investigation for alleged acts of fraud that have compromised the
financial condition of Polaroid and other entities owned by Petters Group.
Polaroid and its leadership team are not subjects of the ongoing investigation
involving Petters Group.
About Polaroid
With over 70 years of visual innovation that includes the invention of
instant photography, Polaroid has established itself as a leading consumer
electronics company. In addition to its flagship line of Polaroid PoGo digital
instant products, Polaroid is globally recognized as a trusted brand for LCD
TVs, digital cameras, digital photo frames, and more. Learn more at
http://www.polaroid.com.
SOURCE Polaroid Corporation