Polaroid Files For Chapter 11


	Polaroid Files For Chapter 11

BartendingBear

12-19-2008 5:06 PM

214 views

BartendingBear says:

Has to do with ownership group troubles.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/be7cda27-5ae8-45cc-98da-6fac1bc62405/DB15C586-2268-47A0-B1BA-75891ABDCF45/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://edition.cnn.com/2008/TECH/12/19/polaroid/" href="http://edition.cnn.com/2008/TECH/12/19/polaroid/" style="font-size: 11px;">edition.cnn.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://edition.cnn.com/2008/TECH/12/19/polaroid/"> <B>(CNN)</B> -- Polaroid Corp. announced it was filing for Chapter 11 bankruptcy protection.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://edition.cnn.com/2008/TECH/12/19/polaroid/"> The Minnesota-based company said it is taking itself and its subsidiaries into bankruptcy in order to restructure its finances.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://edition.cnn.com/2008/TECH/12/19/polaroid/"> "Our operations 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 ..." said Mary L. Jeffries, Polaroid chief executive officer.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://edition.cnn.com/2008/TECH/12/19/polaroid/"> "We expect to continue our operations as normal during the reorganization and are planning for new product launches in 2009," she said, adding that employees should receive their paychecks without interruption.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://edition.cnn.com/2008/TECH/12/19/polaroid/">The bankruptcy filing was necessary because of an investigation of its parent company, Petters Group Worldwide, which has owned Polaroid since 2005, the Polaroid statement said. The group's founder and other employees are under investigation for fraud. Polaroid said the investigation does not involve its leadership team.
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