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Polaroid Files For Bankruptcy Protection

This article is more than 10 years old.

The Concord based-Polaroid has filed for bankruptcy, citing allegations of fraud at its parent company.

POlaroid says it was forced to file for Chapter 11 bankruptcy protection following a federal investigation into Petters group founder Tom Petters, who officials allege schemed investors out of $3 billion.

Polaroid says the allegations have compromised its financial condition, but it has plenty of cash on reserve to finance its reorganization under Chapter 11.

This program aired on December 19, 2008. The audio for this program is not available.

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