Polaroid, the pioneer of instant photography, was sold in an auction for $59.1 million to the private equity firm Patriarch Partners, an investor in the Arizona Iced Tea brand and the map maker Rand McNally.
Patriarch’s offer for assets, including most of Polaroid’s intellectual-property rights, is subject to approval by a judge in United States Bankruptcy Court in St. Paul.
“We intend to continue rebuilding the brand of this great American company on a worldwide scale and to re-establish Polaroid as a globally acknowledged innovator,” Lynn Tilton, chief executive of Patriarch, said.
Polaroid filed for bankruptcy for the second time in December after its owner since 2005, the Petters Group Worldwide, was accused of using fake documents to attract loans from hedge funds and using their money to pay off earlier investors.
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