Polaroid trustee granted access to cash collateral through Dec. 31

By Lisa Kerner

Charlotte, N.C., Oct. 19 - Polaroid Corp.'s Chapter 7 bankruptcy trustee was approved to use cash collateral through Dec. 31 by the U.S. Bankruptcy Court for the District of Minnesota on Tuesday, according to an attorney familiar with the case.

The trustee, when making his request, estimated he will need to pay $2.98 million in expenses through Dec. 31 in order to recover more than $6 million in additional amounts through tax refunds, sales, cash repatriation and collateral returns, to seek recovery of additional assets, to perform a claims review and to continue existing and initiate new voidance actions.

As previously reported, the trustee said he has already disbursed $4.21 million for expenses incurred through Sept. 30.

Polaroid, a Minnetonka, Minn., instant and digital imaging company, filed for bankruptcy on Dec. 18, 2008. Its Chapter 7 case number is 08-46617.

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