A U.S. bankruptcy judge in St. Paul on Monday decided to reopen the auction of Polaroid Corp., following complaints from the company’s creditors, the Star Tribune reports.
New York private-equity firm Patriarch Partners won the auction last week with a $59.3 million bid, but creditors objected, saying a bid from PLR Holdings should have been given stronger consideration. PLR is a joint venture of Toronto-based Hilco Consumer Capital and Boston-based Gordon Bros. Brands.
After hearing those complaints Monday morning, Judge Gregory Kishel said he would allow Patriarch and PLR to each submit final, best offers for Polaroid, the Star Tribune reported.
The court will reconvene on Thursday, at which time a final sale of the company is expected to be completed.
The Petters-Fraud website has more about Petters and Polaroid.
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