St. Paul, Minn. — A bankruptcy judge Monday rejected Polaroid’s decision to sell itself for $59.3 million to private equity firm Patriarch Partners, the Minneapolis Star Tribune reported.
Minnetonka, Minn.-based Polaroid had accepted Patriarch’s bid last week, but after hearing complaints from PLR Holdings, a joint venture between Hilco Consumer Capital of Toronto and Gordon Bros. Brands of Boston, Judge Gregory Kishel ordered that a $61.5 million bid by PLR should have been given stronger consideration.
The judge gave Patriarch and PLR the opportunity to submit final, best offers for the company and told Polaroid to report the winning bid by April 8.
The court is scheduled to hear the final bid approval on Thursday to complete the sale.
Petters Group Worldwide owned Polaroid’s trademark and assets since 2005 until founder, Thomas Petters, was accused last December of running a $3 billion Ponzi scheme. His trial is scheduled to be heard in June.