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Polaroid to be sold, 28th June

By dpreview staff on May 9, 2002 at 13:27 GMT

Polaroid has today announced that, "U.S. Bankruptcy Court has approved procedures for the proposed sale of its business to an investor group led by One Equity Partners -- the private equity arm of Bank One Corporation) - or to a bidder with a higher or better offer. The court has set Friday, June 28, 2002, for a final hearing on the sale." They go on to say, "This is an important milestone in our plan to emerge from Chapter 11. We remain committed to securing a strong buyer for the company to maximize value for our creditors and to create a new beginning for Polaroid as an ongoing business."

Press release 7/May:

Court Sets Polaroid Sale Hearing for June 28, 2002

CAMBRIDGE, Mass., -- May 7, 2002 - Polaroid Corporation announced today that the U.S. Bankruptcy Court has approved procedures for the proposed sale of its business to an investor group led by One Equity Partners -- the private equity arm of Bank One Corporation (NYSE: ONE) - or to a bidder with a higher or better offer. The court has set Friday, June 28, 2002, for a final hearing on the sale.

Gary T. DiCamillo, Polaroid chairman and chief executive officer, said, "This is an important milestone in our plan to emerge from Chapter 11. We remain committed to securing a strong buyer for the company to maximize value for our creditors and to create a new beginning for Polaroid as an ongoing business."

UPDATE 9/May:

DiCamillo to Leave Polaroid Corporation For CEO Appointment at TAC Worldwide

CAMBRIDGE, Mass., -- May 8, 2002 -- Polaroid Corporation announced today that Gary T. DiCamillo, chairman and chief executive officer, will resign effective July 1, 2002 to become president and chief executive officer of TAC Worldwide Companies, based in Dedham. He will continue in his position at Polaroid until that date, and then remain as a member of the Polaroid board of directors.

DiCamillo said, "I feel a responsibility to see Polaroid through this crucial period of its reorganization and to help prepare the company to emerge from Chapter 11 as an independent company ready for new ownership and new growth opportunities. This is a time of new beginnings both for Polaroid and for me personally as I assume the job of CEO at TAC Worldwide, one of the largest private corporations in the United States.

"I will leave with sincere thanks to the strong management team at Polaroid, to the many employees with whom I have been privileged to work, and to a loyal and independent board of directors," he said.

DiCamillo joined Polaroid as chairman and chief executive officer in October 1995. Prior to that, he served as group vice president of the Black & Decker Corporation and president of Worldwide Power Tools and Accessories.

Board member Alfred M. Zeien, retired chairman and chief executive officer of The Gillette Company, said, "We have been fortunate to have Gary remain to guide the company over this long, difficult period."

Another member of the board, John W. Loose, former president and chief executive officer of Corning Incorporated, said, "Gary has been steadfast in fulfilling the Board's wishes that he remain CEO. He has earned our gratitude, and we wish him only good things in the future."

Sal Balsamo, founder of TAC and co-chairman of the company's board of directors, stated, "To attract someone of Gary DiCamillo's professional and personal excellence to head our company is indeed our good fortune. Gary's leadership expertise, as well as his abundantly fine character, will provide TAC with steadiness and strength as we move forward in years to come."

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