Polaroid files for bankruptcy protection

Parent company fraud case blamed


19 December 2008 10:47 GMT / By Amy-Mae Elliott

In the States, Polaroid has announced it is filing for Chapter 11 bankruptcy protection.

The reason behind the filing is Tom Petters, the founder of Petters Group, that owns Polaroid is under investigation for running a multi-billion dollar fraud scheme.

Polaroid said the investigation does not involve its leadership team but is taking itself and its subsidiaries into bankruptcy in order to restructure its finances.

"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.

"We expect to continue our operations as normal during the reorganization and are planning for new product launches in 2009", she said.
Related
Full tags
Cameras, Biz, Polaroid

share print story pdf email story

Recommended articles

Search

Loading

Best iPad 2 apps

We detail the best iPad 2 and iPad apps in the app store Which iPad app should you download?

Windows 8

All the features and details of the new Microsoft operating system explained What's new in Windows 8?

iPad 3 rumours

What comes next? We look at the possible features, leaks, images, specs and more

Pocket-lint poll

Q. Will you be buying a PS Vita?

Vote YES Vote NO

» LAST TIME
When asked Will Samsung be making a mistake if the Galaxy S III isn't shown at Mobile World Congress in February? 51% said yes and 49% said no

Hot camera brands

All the latest camera news