InfoAnda - Private equity firms win battle for bankrupt Polaroid

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Private equity firms win battle for bankrupt Polaroid AFP - Saturday, April 18 WASHINGTON (AFP) - - Bankrupt Polaroid Corp. has been bought by a pair of private equity firms after a judge threw out the acquisition of the iconic inventor of instant photography by another investor. ADVERTISEMENT Hilco Consumer Capital and Gordon Brothers Brands announced late Thursday that their purchase of Polaroid's assets had been approved by a US federal bankruptcy court in the state of Minnesota. Hilco and Gordon did not disclose the amount of the winning bid but various press reports put it at 85.9 million dollars. Another group had won Polaroid at auction earlier this month but the purchase was thrown out by the bankruptcy court and the bidding reopened. Hilco and Gordon said they looked forward to opportunities to "unlock Polaroid's brand value." "Polaroid is an iconic brand known globally for their technical innovation and high-quality products that deliver on its reputation of ease-of-use," Gordon Brothers retail group co-president Stephen Miller said. "The Polaroid brand has immense global appeal," added Jamie Salter, chief executive of Hilco Consumer Capital. Polaroid filed for bankruptcy protection last year amid a fraud probe into its parent company, Petters Group Worldwide. It discontinued production of its celebrated instant film cameras in February of last year and now produces LCD televisions, digital cameras and other consumer electronics products. Polaroid unveiled a digital camera which makes instant full-color prints at the annual Consumer Electronics Show in Las Vegas earlier this year. The Polaroid PoGo Instant Digital Camera uses Zink ink-free printing technology to produce instant prints on a special paper embedded with heat-activated dye crystals. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Technology Google profit up but revenue drops for first timeAFP - Friday, April 17 Time Warner Cable shelves bandwidth usage billingAFP - Friday, April 17 U.S. video games sales fall 17 pct in March: NPDReuters - Friday, April 17 YouTube in Sony content deal, sees moreReuters - Friday, April 17 Phishers get more wily as cybercrime growsReuters - Friday, April 17 Enlarge Photo A Polaroid Pogo Instant Digital Camera is displayed at the 2009 International Consumer Electronics Show in January 2009 in Las Vegas, Nevada. Bankrupt Polaroid Corp. has been bought by a pair of private equity firms after a judge threw out the acquisition of the iconic inventor of instant photography by another investor. Most Popular – Technology Viewed Bad mood, better recall, researchers find Police nab Norwegian pair during high-speed sex French warship detains pirates, US urges action Harry Potter actor arrested over cannabis find US economy contracts further, remains weak: Fed View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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