A bankruptcy judge last week rejected, for the second time, an effort by Polaroid Corp. to sell itself, and opened the bidding for a new auction.
According to Bloomberg News, U.S. Bankruptcy Judge Gregory Kishel rejected a bid for the company to sell itself for $56.3 million to Hilco Consumer Capital LP and Gordon Brothers Brands LLC. The judge earlier had rejected a bid by Patriarch Partners LLC for slightly less. Polaroid’s creditors believe the company’s brand is worth far more than that.
The new auction will be held April 16.