Bankrupt Polaroid Sold to Bank One

BOSTON?Polaroid Corp., the bankrupt instant camera and film maker, said Thursday it has agreed to sell most of its assets to Bank One Corp. for $265 million.

Polaroid reached a sales agreement with One Equity Partners, the private equity arm of the nation’s sixth biggest financial institution.

Ulysses Yannas, an analyst with Buckman, Buckman & Reid, said Polaroid would likely continue to operate because its core business and brand remain strong despite the company’s financial problems.

A hearing is scheduled for May 6, to set an auction date for the assets, which include all domestic businesses and the common stock of the company’s foreign subsidiaries. Once the auction takes place, and no bidders come forward with a higher price, the deal could close between four to six weeks, said Polaroid spokesman Skip Colcord.

Polaroid said it is likely stockholders will be left with nothing.