Hilco-Gordon “Best Offer” in Polaroid Bankruptcy

NEW YORK (Reuters) – A federal bankruptcy judge ruled on Thursday that a joint $87.6 million bid by investment firms Hilco Consumer Capital and Gordon Brothers Group LLC was the “best offer” in the auction for bankrupt camera maker Polaroid’s assets, a Ritchie Capital spokesman said.

The spokesman said the offer beat out rival Patriarch Partners LLC’s $88.1 million bid.

It was the third time the auction was held following objections to auction process.

A federal judge in Minnesota ordered the auction re-opened for a second time last week.

Polaroid filed for Chapter 11 bankruptcy protection in December 2008

The case is In re: Polaroid Corp et al., U.S. Bankruptcy Court for the District of Minnesota, No. 08-46617. (Reporting by Phil Wahba)