Polaroid Files Bankruptcy
admin on December 29th, 2008
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Polaroid Corp has filed for Chapter 11 bankruptcy protection from its creditors. Seven years ago the instant photograph industry pioneer filed for bankruptcy protection and was later acquired by Petters Group. Polaroid is reported to have over $200 million in debt, but claims its current financial issues stem from it’s parent company’s legal matters.
The founder of Petters Group was arrested in October on mail fraud and money laundering charges allegedly totaling more than $2 billion dollars. Polaroid is also disputing its total debt reported by its parent company.
