Polaroid Seeks Court OK for Severance
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Instant film and camera maker Polaroid Corp., which filed for bankruptcy protection in October, said it is seeking court approval for $3.3 million in severance payments for up to 500 workers whose jobs will be eliminated over the next few months, recent Bankruptcy Court filings show.
Cambridge, Mass.-based Polaroid, whose cameras deliver pictures in just seconds, expects to eliminate those jobs by March 31, according to Bankruptcy Court papers filed Friday. Without the payments, Polaroid faces the prospect of mass worker defections.
The $3.3 million in payments would not exceed the $5.7-million severance limit approved by the court in November.
Polaroid shares closed unchanged at 8 cents in over-the-counter trading.
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