Polaroid filed for bankruptcy protection

Instant photo camera maker Polaroid Corp, said on Friday it filed for Chapter 11 protection from creditors in U.S. Bankruptcy Court after failing to meet debt requirements. Polaroid owes creditors nearly 1 billion. Pressured by one-hour film developing shops and the rise of digital cameras, Polaroid posted a second-quarter net loss of $110 million from a net profit of $26 million. For the period, net sales dropped 31% to $333 million. Polaroid¡¦s shares have not traded since last Tuesday. The stock closed at 28 cents in Tuesday New York Stock Exchange trade, down 98 percent in the past year.

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