Wednesday, July 29, 2015
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Qualcomm Enables Wireless Charging for Mobile Devices with Metal Cases
New Memory Memory Chip Is 1,000 Times Faster Than Flash
Motorola Unveils New Moto G, Moto X Play and Moto X Style Android Phones
Hackers Could Break Into Your Android Smartphone With A Simple MMS
Google Relases New Consent Policy in European Union
Samsung To Showcase New Galaxy Phablet on August 13 Event
OnePlus 2 Smarphone Is An Affordable, High-End Flagship
Google Announces Changes To Google Plus
Active Discussions
How to back up a PS2 DL game
Copy a protected DVD?
roxio issues with xp pro
How to burn a backup copy of The Frozen Throne
Help make DVDInfoPro better with dvdinfomantis!!!
Copied dvd's say blank in computer only
menu making
Optiarc AD-7260S review
 Home > News > Digital Cameras > Polaroi...
Last 7 Days News : SU MO TU WE TH FR SA All News

Monday, December 22, 2008
Polaroid Initiates Financial Reconstructing Process


Polaroid and its US subsidiaries announced the company has filed voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in order to facilitate the Company's ongoing financial restructuring process.

The company said that the financial restructuring process and the filing would not impact day-to-day operations for employees, customers, retailers and suppliers.

Polaroid added that ot had entered bankruptcy with ample cash reserves sufficient to finance the Company?s reorganization under Chapter 11.

Mary L. Jeffries, Polaroid chief executive officer, said, "Our operations are strong and during this process Polaroid will ship products to our retail partners, work with our suppliers and contract manufacturers to fulfill retailer demand, honor customer warranties and employees are expected to receive their regular paychecks without interruption. We expect to continue our operations as normal during the reorganization and are planning for new product launches in 2009."

The financial structuring process and the bankruptcy filing are the result of events at Petters Group Worldwide, the company that has owned Polaroid since 2005. The founder of Petters Group and certain associates are currently under investigation for alleged acts of fraud that have compromised the financial condition of Polaroid and other entities owned by Petters Group. Polaroid is not subject of the ongoing investigation involving Petters Group.


Previous
Next
Gartner Says 2008 Should Be the Last Christmas for Retail CDs        All News        Qimonda Arranges Euro 325 Million Rescue Loan
New SDXC Memory Cards Provide up to 2TB of Storage     Digital Cameras News      OCZ Introduces Premium Gold Series of SDHC Cards

Get RSS feed Easy Print E-Mail this Message

Related News
Polaroid And GoPro Launch New Action Cams
Polaroid Unveils Affordable 50-inch 4K Ultra High Definition TV
Polaroid Debuts Android Interchangeable Lens Camera at CES
Polaroid announces the availability of Polaroid's new x530

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2015 - All rights reserved -
Privacy policy - Contact Us .