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December 20, 2008: Polaroid Corporation filed for Chapter 11 bankruptcy in the USA yesterday, according to a report from PMA International.
In a press statement, Polaroid says it: '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.' It also claims: '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.'
The company plans to continue marketing and shipping product and parts during the re-organisation process. However, its product range will be limited by the recently-announced decision to cease production of its instant film range at the end of this month.
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