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.

Read full Bloomberg Story

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