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| Posted By | Discussion Topic: I guess the product placement in Memento did nothing | ||||
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| IkeaBoy P.L.F. Portugese Liberation Front- Liberating Status' everywhere from the Tyranny of Portugal I will die a traitor's death | posted on 10-12-2001 @ 1:31 PM |    | |||
| O&A Board Veteran Registered: Sep. 00  | Polaroid Files for Chapter 11 By JUSTIN POPE, AP Business Writer BOSTON (AP) - Polaroid Corp., known to generations of consumers for its instant cameras and film but buried beneath a mountain of debt, filed for Chapter 11 bankruptcy protection Friday. The widely expected move comes three months after the Cambridge-based Polaroid said it would miss payments to bondholders and explore strategic options - including a sale of the company - as it negotiated with creditors. No buyer stepped forward and business slowed further after the Sept. 11 terrorist attacks, forcing the company into reorganization. Polaroid, founded by Edwin Land in 1937, has struggled to adapt to new digital technology as its core instant film business has slumped. The company could be sold off in its entirety or essentially stripped for parts under the supervision of a bankruptcy court. A Chapter 11 reorganization would make Polaroid and its parts more attractive to potential buyers, analysts said. Buyers could acquire equity for free and possibly get a discount on Polaroid debt if the purchase came out of bankruptcy proceedings. Polaroid has been trying to restructure $950 million in debt, and lost $109.9 million in the quarter ending July 2. It has laid off at least 2,950 employees - 35 percent of its work force - and been in negotiations with bondholders since missing interest payments in July. But it still has valuable assets, including a well-known name and new printing technology, called Opal and Onyx, which is expected to debut next year. Analysts have said they were impressed with the technology, though they doubted Polaroid could develop it quickly enough to save the company from bankruptcy. Polaroid shares, which traded as high as $60 per share in 1997, have been halted since early Wednesday at 28 cents per share on the New York Stock Exchange (news - web sites).  "I didn't realize how tragic it [the WTC attack] was until the celebrities told me"- Ron Bennington | ||||
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