Polaroid sold for $86m
Associated Press
/
April 18, 2009
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ST. PAUL - Polaroid Corp. has been sold in Bankruptcy Court for $85.9 million in cash and equity.
The winning bid from liquidators Hilco Consumer Capital of Toronto and Boston-based Gordon Brothers Brands was approved Thursday by a federal bankruptcy judge in St. Paul. The joint venture didn't have the highest bid, but Judge Gregory Kishel said it was the best choice.
Concord, Mass.-based Polaroid filed for bankruptcy in December after Minnesota businessman Tom Petters was indicted on charges of running a $3.5 billion Ponzi scheme. Petters had bought Polaroid in 2005 for $426 million.
Petters denies the charges against him.
Losing bidder Lynn Tilton, chief executive of private equity firm Patriarch Partners LLC, said she'll appeal.
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