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Bankruptcy and the “new” Polaroid Corporation - “Chapter 11” controversy
The original Polaroid Corporation filed for federal bankruptcy protection on October 11, 2001. The outcome was that within ten months, most of the business (including the “Polaroid” name itself and non-bankrupt foreign subsidiaries) had been sold to Bank One’s One Equity Partners (OEP). OEP Imaging Corporation then changed its name to Polaroid Holding Company (PHC). However, this new company operates using the name of its bankrupt predecessor, Polaroid Corporation.
As part of the settlement, the original Polaroid Corporation changed its name to Primary PDC, Inc. Having sold its assets, it was now effectively nothing more than an administrative shell. Primary PDC received approximately 35 percent of the “new” Polaroid, which was to be distributed to its unsecured creditors (including bondholders). As of late 2006, Primary PDC remains in existence under Chapter 11 protection, but conducts no commercial business and has no employees.
Significant criticism surrounded this “takeover” because the process left executives of the company with large bonuses, while stockholders, as well as current and retired employees, were left with nothing.