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December 19, 2008

Polaroid Files Chapter 11 in Minnesota

US Bankruptcy Court District of Minnesota (Minneapolis)
Bankruptcy Petition #: 08-46617

Assigned to: Judge Gregory F Kishel
Chapter 11   
Date Filed: 12/18/2008 

Debtor
Polaroid Corporation
4400 Baker Road
Minnetonka, MN 55343

represented by  James A. Lodoen
Lindquist & Vennum P.L.L.P
4200 IDS Center
80 South Eight Street
Minneapolis, MN 55402
612-371-3234
Email: jlodoen@lindquist.com

Polaroid's Motion for Use of Cash Collateral can be accessed here.  It seems Polaroid is owned by one Petters Group Worldwide, owned in turn by one Thomas J. Petters, newly arrested and indicted on "numerous fraud and other charges."  The Motion alleges that Petters caused Polaroid to "very recently" pledge its assets "to secure substantial debts and investments for which Polaroid received no or inadequate consideration."  It is having difficulty getting financing - duh.   According to the motion, Polaroid intends to sell "the Polaroid business and related assets." 

December 19, 2008 in Current Affairs | Permalink

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Comments

No wonder the Polaroid cameras are junk. Cannot get a driver download to work and it is impossible to contact Polaroid.

Posted by: george wilberg | Dec 29, 2008 5:12:41 AM

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