Polaroid Corp., left in limbo by the recent bankruptcy of its scandal-plagued parent company, has reached a "stalking horse" agreement to be acquired by a new owner.
According to the Minneapolis Star Tribune, the buyer is PHC Acquisitions LLC., an affiliate of Luxembourg’s Genii Capital SA. The purchase price was reported at $42 million.
A hearing on the case will be held later this month. Polaroid’s owner, Petters Group Worldwide, declared bankruptcy last year after owner Tom Petters was indicted on multiple federal charges.
