Dear Zuiks:
Good news on the Polaroid front. This is from the "first day" order in
the bankruptcy filing:
"Polaroid's financial and operational stability going forward were
enhanced through the granting
of the following motions: payment of pre-petition and post-petition
employee wages, salaries,
business expenses and benefits, including medical, dental and life
insurance benefits for current
employees; interim approval for debtor-in-possession (DIP) financing of
$40 million (out of a
total commitment of $50 million) for use by the company to continue
operations, honor product
warranties and continue customer programs (including rebates,
promotions, incentives and
returns) and to purchase goods and services from suppliers; and
financing authority to pay
certain pre-petition commitments that are necessary in the course of
conducting business."
See the full story at: http://biz.yahoo.com/prnews/011015/nem067_1.html
Apparently, the plan is to sell the Company, or sell the Company off in
pieces. See WSJ article at:
http://public.wsj.com/sn/y/SB1002830721699262920.html
Bill Stanke
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