Polaroid Signs Definitive Agreement with One Equity Partners
Monday, April 22, 2002
CAMBRIDGE, Mass., -- April 22, 2002 - Polaroid Corporation announced last week that it has entered into a definitive agreement for the purchase of substantially all of its domestic assets and businesses, and the common stock of its foreign subsidiaries by an investor group led by One Equity Partners. One Equity Partners is the private equity arm of Bank One Corporation (NYSE: ONE) and manages $3.5 billion of investments for Bank One, the sixth largest bank holding company in the U.S. The transaction is subject to Bankruptcy Court approval and other closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. It is anticipated that this transaction could close early in the third quarter, allowing the business to emerge from Chapter 11. Gary T. DiCamillo, Polaroid chairman and chief executive officer, said, "We continue to believe that the best way to maximize enterprise value for our creditors is by selling the company in its entirety as an independent, ongoing business to a strong buyer. "During the sales process, we will continue to conduct our day-to-day operations as we have been. We continue to emphasize liquidity and cash flow. Our employees have worked tirelessly to meet our revenue and expense targets in the first quarter. We expect today's positive development will help continue this momentum. "Finally, this sale would remove our business from Chapter 11 and mark a new beginning for Polaroid," said Mr. DiCamillo. While no reorganization plan has been finalized, Polaroid believes, as previously announced, it is unlikely that there will be any recovery for the company's stockholders. Polaroid received financial advice throughout this process from Dresdner Kleinwort Wasserstein and Zolfo Cooper LLC, and legal advice from Skadden, Arps, Slate, Meagher & Flom LLP. Polaroid Corporation is the worldwide leader in instant imaging. The company supplies instant photographic cameras and films; digital imaging hardware, software and media; secure identification systems; and sunglasses to markets worldwide. Additional information about Polaroid is available on the company's web site at www.polaroid.com.