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Mix-Ansicht- Polaroid vorm Ende - rodex, 11.07.2001, 17:32
Polaroid vorm Ende
http://cnnfn.cnn.com/2001/07/11/companies/polaroid/
Polaroid mulls bankruptcy
Report: Photo company weighs filing, debt restructuring as deadline looms
NEW YORK (CNNfn) - Instant photography company Polaroid Corp. is discussing a debt restructuring and a possible bankruptcy filing, according to a published report Wednesday.
The Wall Street Journal, quoting unnamed sources familiar with the discussions, reported that banks due payments from the company Thursday are prepared to grant an extension -- if they get assurances Polaroid will find a long-term solution to its problems.
Without an extension, banks led by JP Morgan Chase (JPM: Research, Estimates) could call in $363 million in loans. The Journal report quoted a Polaroid spokeswoman as saying the company is"optimistic" it will receive an extension. She also said that a variety of alternatives are being considered by the company, without giving any details.
The paper's report said one alternative being studied is a so-called"prepackaged bankruptcy" in which its creditors and the company agree on a plan to rework outstanding debt. The paper said the agreement would need approval not just of banks but of bondholders.
The Journal said that in addition to the loans due Thursday the company has $575 million in bonds and an additional $50 million to $100 million owed to overseas creditors. And it said that its debt maturing in 2006 recently was being offered at 29 cents on the dollar.
Hit by the growth of one-hour photo developing and digital photography, the company has reported a trend of declining sales and mounting losses. It announced a restructuring program that includes cutting an estimated 25 percent of the staff. It confirmed to CNNfn earlier this week that five top executives have left the company.
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