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Polaroid Files for Chapter 11

October 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.

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