Polaroid gets extension on loans

CAMBRIDGE — Polaroid Corp. announced that it had been granted an extension by
bankers until November 15 on its loans violations along with an additional $10
million short-term loan. The company already has borrowed $310 million under that
agreement with a coalition of banks led by J.P. Morgan Securities, Inc., the Boston
Globe reported. Polaroid, meanwhile, said it had reached agreement with unidentified
bondholders to trade two properties as partial collateral for their loans. The
Globe said the bondholders had left the door open for a possible restructuring
of $600 million in short term debt.