Cambridge-based Polaroid Corp.,
the instant-photography company that sought bankruptcy protection
in October, filed a Chapter 11 recovery plan to distribute money
from its asset sales to creditors.
Under the recovery proposal filed yesterday, the company
would fully pay the claims by its secured lenders, secured
noteholders and other secured creditors. The payments would be in
cash, unless another form of payment is negotiated.
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Unsecured creditors would receive proportionate shares of the
company’s remaining cash. Those payments would be made on
quarterly distribution dates. Shareholders would receive nothing.
Polaroid, which has operations in Southeastern Massachusetts, sales fell as the popularity of digital cameras
increased. The company lost money for three straight quarters
before filing for bankruptcy petition, which listed $1.81 billion
in assets and $948.4 million in debts.
Bloomberg News
