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." UPDATE 9/May: And the chairman /
CEO resigns.
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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." UPDATE 9/May: And the chairman /
CEO resigns.