Polaroid files reorganization with Bankruptcy Court

Polaroid plans reorganisation

Polaroid plans reorganisationApril 30, 2002
Polaroid announced today that it has filed a proposed plan of reorganization with the U.S. Bankruptcy Court. The reorganization plan assumes that the court approves a previously announced sale of the company to One Equity Partners or to some other organization with a higher or better offer. It provides a general outline for the distribution of Polaroid's assets, including possible sale proceeds, to creditors. Polaroid also asked the court for more time to file a disclosure statement, which will provide specific information regarding the proposed distribution to creditors