A bankruptcy judge last week gave the okay for an auction to begin for the Polaroid Group, the Star Tribune reported. Bids will begin at $42 million for the company, which was owned by the bankrupt Petters Group Worldwide.
Two Petters creditors had opposed the move, but Judge Gregory Kishel ruled that the auction could go forward. Petters Group’s businesses are presently in receivership, as founder Tom Petters has been charged with fraud, conspiracy and other crimes.
PHC Acquisitions made the stalking horse bid of $42 million.
