Polaroid cameras: UK reaction to effect of Chapter 11 (update)
December 19, 2008
Polaroid insists that filing for Chapter 11 bankruptcy protection in the United States will not affect its plans to launch new products in 2009.
One of them is expected to be able to print 4x3in photos, the same size delivered by Polaroid?s famous instant film consumer cameras (pictured).
Yesterday the company said it filed for Chapter 11 protection to facilitate its ongoing ?financial restructuring process?.
In a statement Polaroid, which is based in the US, said: ?We expect to continue our operations as normal during the reorganisation and are planning for new product launches in 2009.?
A spokesman for Polaroid UK told Amateur Photographer this morning: ‘It’s business as usual at Polaroid… The products in the pipeline are still going ahead.’
Polaroid’s US statement added: ?The financial restructuring process and 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.?
The firm added that Polaroid itself is not subject to the ongoing investigations.