Firm Makes Bid For Polaroid

Firm Makes Bid For Polaroid

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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.

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