Polaroid Files for Chapter 11
Oct. 12, 2001
BOSTON (AP) _ Polaroid Corp., known to generations of consumers for its instant cameras and film but buried beneath a mountain of debt, filed for Chapter 11 bankruptcy protection Friday.
The widely expected move comes three months after the Cambridge-based Polaroid said it would miss payments to bondholders and explore strategic options _ including a sale of the company _ as it negotiated with creditors.
No buyer stepped forward and business slowed further after the Sept. 11 terrorist attacks, forcing the company into reorganization.