BREAKING NEWS

BREAKING NEWS

Polaroid in Chapter 11

Now Reading:

Polaroid in Chapter 11

Text size Aa Aa

Polaroid has filed for Chapter 11 bankruptcy protection in order to restructure. Polaroid said the move was because of events at Petters Group which bought the camera and consumer electronics company three years ago. The group’s founder Tom Petters has been arrested and is facing fraud charges. Polaroid said its financial condition has been compromised by that even though it is not involved in the alleged fraud.