Polaroid files for bankruptcy once more|
(Monday, December 22, 2008 - 11:05 EST)
A report published last Friday on the Bloomberg.com website details the latest chapter 11 filing for a once mighty name in the world of imaging.
According to the Bloomberg article, authored by Erik Larson and Michael Bathon, Polaroid Corp. (along with nine subsidiary companies) has filed for bankruptcy in Minneapolis. The company had previously been through chapter 11 proceedings in 2001, after failing to weather the rapid emergence of digital photography.
The new bankruptcy has a rather more surprising cause. An alleged fraud at Petters Group, current owner of Polaroid, has resulted in that company's assets being frozen and its founder arrested. Petters claims to have some $213.5 million in claims against Polaroid, but that figure is currently the subject of a dispute between the two companies. Polaroid itself is apparently not under federal investigation, according to a citation by the company referenced by the Bloomberg article.
A range of digital imaging products including cameras, photo frames, portable backup drives, and flash media are currently offered under the Polaroid brandname. The company also offers a portable printer featuring technology from ZINK Imaging, launched at the Consumer Electronics Show at the start of 2008.