CAMBRIDGE, Mass., April 22 -- Polaroid Corp. announced it has entered into a definitive agreement for the purchase of substantially all of its domestic assets and businesses, and the common stock of its foreign subsidiaries, by an investor group led by One Equity Partners.
One Equity Partners is the private equity arm of Bank One Corp. It is anticipated that this transaction could close early in the third quarter, allowing the business to emerge from Chapter 11.
Gary T. DiCamillo, Polaroid chairman and CEO, said, "This sale would remove our business from Chapter 11 and mark a new beginning for Polaroid."
While no reorganization plan has been finalized, Polaroid said it believes, as previously announced, it is unlikely that there will be any recovery for the company's stockholders.