Cambridge, Mass. - Polaroid Corp. has finally sold off its remaining domestic business, the company announced late Friday night.
The agreement for the purchase of substantially all of Polaroid's domestic assets and businesses, and the common stock of its foreign subsidiaries was made by an investor group led by One Equity Partners, the private equity arm of Bank One Corporation.
The transaction is subject to Bankruptcy Court approval and other closing conditions, but is expected to be completed early in the third quarter, allowing the business to emerge from Chapter 11.
'We continue to believe that the best way to maximize enterprise value for our creditors is by selling the company in its entirety as an independent, ongoing business to a strong buyer,' said Gary T. DiCamillo, Polaroid chairman and CEO, in a written statement.
According the statement, no reorganization plan has been finalized and the company will continue its day-to-day business uninterrupted.