Consumer electronics company Polaroid Holding Co said it has agreed to sell its assets including the Polaroid name and brand to a private equity firm based in Luxembourg.
The maker of iconic instamatic cameras said it had entered a “stalking horse” asset purchase agreement with PHC Acquisitions LLC, an affiliate of Genii Capital SA, a Luxembourg-based private equity firm.
Under the terms of the agreement, PHC Acquisitions would acquire some Polaroid's assets including, but not limited to, all its intellectual property rights and its name and brand, Polaroid said in a release.
Polaroid Corp filed for Chapter 11 bankruptcy in December last year.
The company said the finalizing of the deal would depend on approval from a bankruptcy court and also be subject to the company receiving “higher or otherwise better offers.”