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Polaroid in Bankruptcy Again, Cites Petters Charges (Update3)

By Erik Larson and Michael Bathon

Dec. 19 (Bloomberg) -- Polaroid Corp., the pioneer of instant photography, sought bankruptcy protection for the second time in seven years, blaming an alleged $2 billion fraud at its parent company Petters Group Worldwide LLC.

Petters Group, which acquired the 71-year-old company in 2005, has unsecured claims against Polaroid totaling $213.5 million, according to papers filed yesterday in U.S. Bankruptcy Court in Minneapolis. Polaroid, which is disputing the claims, didn’t estimate its total assets or debt.

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Recently closed Concord Camera was producing single use cameras under the Polaroid name.

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