After a pair of earlier bids were rejected by a judge, the sale of Polaroid Corp. has finally been approved.
According to the Minneapolis Star Tribune, a pair of liquidators- Hilco Consumer Capital and Gordon Brothers Brands- have been declared the winner of the auction, with a bid of $85.9 million. The company’s creditors had pushed for the two firms to win the auction.
A rival bidder, Patriarch Partners, had been declared the winner of a previous auction. Polaroid entered bankruptcy court after its parent company, Petters Group Worldwide, collapsed after owner Tom Petters was accused of perpetuating a Ponzi scheme.