Private equity firms win battle for bankrupt Polaroid

April 17, 2009
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.

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.

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 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 in Las Vegas earlier this year.

The PoGo Instant Digital Camera uses Zink ink-free printing technology to produce instant prints on a special paper embedded with heat-activated dye crystals.

(c) 2009 AFP

Explore further: Survey: cell cameras boost digital photos

Related Stories

Share phone pics with new service

July 1, 2006

For many, a camera phone is a nice bit of technology to own, but somewhat without purpose. One new service is attempting to change that. Radar, a service from start-up Tiny Pictures, hopes to make photos from camera phones ...

Dell's Wasabi printer loses on price and quality

March 4, 2009

When a successful gadget is launched, expect a knock-off to follow. So it goes with two photo-themed products, one that mimics a hit from last year and another familiar to our popular culture. But should we embrace these ...

Recommended for you

Where can I buy a chair like that? This app will tell you

August 23, 2016

If you think you have a knack for interior design, or just want to spruce up your own home, new technology developed by Cornell researchers may help you choose furnishings the way professionals do. And professionals may find ...

Sponge creates steam using ambient sunlight

August 22, 2016

How do you boil water? Eschewing the traditional kettle and flame, MIT engineers have invented a bubble-wrapped, sponge-like device that soaks up natural sunlight and heats water to boiling temperatures, generating steam ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.