Polaroid trustee OK’d to use $4.22 million in cash collateral in 2016

By Caroline Salls

Pittsburgh, Dec. 1 – Polaroid Corp.’s Chapter 7 trustee obtained court approval to use $4.22 million in cash collateral to administer the company’s bankruptcy estate from Jan. 1 through Dec. 31, 2016, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Minnesota.

As of Sept. 30, the trustee said the total cash on deposit held by the Polaroid Corp. estate was $69.15 million, while the Polaroid Consumer Electronics estate held $16.91 million, for a total of $86.07 million.

The trustee said the funds in these estates will be augmented by additional proceeds associated with the monetization of the remaining assets.

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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