Polaroid-Patriarch Partners Deal Halted

Marino, Jonathan
April 2009
Mergers & Acquisitions Report;4/13/2009, Vol. 22 Issue 15, p18
This article reports that the merger deal between Patriarch Partners and Polaroid has been halted by a judge who allowed Hiloc Merchant Resources and Gordon Brothers Group a second chance at buying the photo retailer. Creditors alleged that a chaotic auction process enabled a too-low bid to violate liens held against the target. In December 2008, Polaroid filed for bankruptcy following a fraud investigation of parent firm Petters Group Worldwide. Polaroid will be repositioned by Patriarch in digital instant photography, says Mary Jefferies of Polaroid.


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