Last week I wrote about saying good-bye to Polaroid instant pictures.
The company had announced that they would cease production of the film. I got a lot of comments from my faithful visitors mostly about what an important role those white bordered photos play in their childhood memories.
Polaroid is kind of like having a great Aunt Millie.
Both are well loved and pop up happily at holiday gatherings and then they both fade away. There has always been some sort of security in knowing that your Polaroid instant camera is there just in case you ever need it, like once a year. Same with Millie.
Using the Polaroid instant camera once a year is what has led the Polaroid Corporation to announce it is filing for Chapter 11 bankruptcy protection.
The Minnesota-based company said it is taking itself and its subsidiaries into bankruptcy in order to restructure its finances.
“Our operations are strong and during this process Polaroid will ship products to our retail partners, work with our suppliers and contract manufacturers to fulfill retailer demand …” said Mary L. Jeffries, Polaroid chief executive officer.
“We expect to continue our operations as normal during the reorganization and are planning for new product launches in 2009,” she said, adding that employees should receive their paychecks without interruption.
I am not a legal expert but, I do know that Chapter 11 bankruptcy differs from Chapter 7. In Chapter 7, there is a liquidation of assets. Chapter 11 is reorganization, as opposed to liquidation. In Chapter 11, in most instances the debtor remains in control of its business operations as a “debtor in possession”, and is subject to the oversight and jurisdiction of the court.