Thursday, October 11, 2001

Polaroid trading halted




The Associated Press

        BOSTON — Trading in shares of instant-image company Polaroid Corp. was halted Wednesday following a report that a filing for federal bankruptcy protection was imminent.

        Such a filing, which would protect the company from creditors as it tries to restructure, is widely expected by analysts and investors.

        The Wall Street Journal reported that a Chapter 11 filing could come as early as Wednesday.

        In July, the company said it would miss payments to bondholders and explore strategic options, including a sale of the company. Because of the missed payments, bondholders could force the company into involuntary bankruptcy.

        Polaroid spokesman Skip Colcord said he couldn't comment on whether the trading halt came at Polaroid's request and declined to comment on the possible bankruptcy filing. “We're continuing to explore a variety of strategic alternatives, including a sale of assets, a merger or sale of the company, and or a strategic partnership,” he said.

        But Mr. Colcord acknowledged the company's business has slowed since the World Trade Center attacks.

        Polaroid shares did not trade on the New York Stock Exchange on Wednesday; Tuesday, they closed at 28 cents per share, down 15 cents.

       



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- Polaroid trading halted
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