Polaroid To Seek New Bids From Patriarch, Rival

Law360, New York (April 6, 2009, 12:00 AM EDT) -- Facing objections from creditors to the proposed $59 million acquisition of Polaroid Corp. by private equity firm Patriarch Partners LLC, the bankrupt camera pioneer and its creditors will seek a higher price from Patriarch and a competing bidder in court on Tuesday.

Judge Gregory Kishel of the U.S. Bankruptcy Court for the District of Minnesota ruled Monday that Patriarch and its rival bidder, a joint venture formed by Hilco Consumer Capital LP and Gordon Brothers Brands LLC, must submit new bids for the company on Tuesday,...
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