Polaroid to Sell Assets and Collection
Polaroid Holding Co. has entered into an agreement with Genii Capital, a private-equity firm based in Luxembourg, in which Genii would acquire Polaroid’s assets, Market Watch reports. The assets include intellectual-property rights and the Polaroid name and brand as well as the International Polaroid Collection, photographs taken with the company’s cameras by prominent photographers and artists. The terms of the deal were not disclosed.
Genii is a shareholder in Zink Imaging Inc., a company based in Massachusetts whose technology is used in a number of Polaroid products.
On December 18, Polaroid and its U.S. subsidiaries filed to reorganize under U.S. bankruptcy law; the present deal is subject to clearance in bankruptcy court.
