Saturday, December 20, 2008

Polaroid, Chapter 11 Bankruptcy Protection

Straight from their press release, Polaroid long time maker of the Polaroid Cameras and the new Pogo Printer have filed for Chapter 11 bankruptcy protection.

"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."

See the entire press release from Polaroid.

Here is a link to Jim's blog with his perspective.
Jim Lyons Observations: PoGo printer now $75, Polaroid bankrupt (again)

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