"How such a place, with so much success and so much technology, could lose that much money and get into so much debt, I don't understand," said Lloyd Taylor, a retired Polaroid chemist who has also consulted for the company. "A lot of people I've known, both retirees and some that are still there, are just totally demoralized." 
Polaroid, founded by visionary Edwin H. Land in 1937, said it will remain open for business and continue to make and ship its core instant-film products, even as it "accelerates and intensifies" its search for a buyer under bankruptcy court protection. 
But it will slash operations, with an unspecified number of job cuts expected. Anything that's not part of its core business - products that rely on instant film - is subject to sale or elimination. 
That includes the company's sunglass division, its photo- identification business, and others. Polaroid, already selling off real estate and other assets, will seek to sell more and will shutter plants. 
Spokesman Skip Colcord would not provide specifics regarding closings or job cut plans. "I think everything's on the table," he said. 
Polaroid confirmed it terminated its retiree health and life insurance plans as well as severance payments to former U.S. employees. 
A federal bankruptcy judge authorized $13.1 million until Monday for employee wages and checks outstanding, said Polaroid lawyer Gregg Galardi. It will seek approval to continue employee health care benefit payments as well, and to honor service warranties on products. 
In its filing, Polaroid listed $1.81 billion in assets and $948.4 million in debt. Top creditors include Enron Energy Services, Tad Resources International and Dupont Teijin Films US, all with multi- million dollar claims. 
As expected, Polaroid said it had obtained a commitment for $50 million in so-called debtor-in-possession financing from a bank group led by J.P. Morgan Chase & Co. Polaroid will seek court approval to use $40 million of that loan Monday to meet obligations, including paying suppliers on or after yesterday's filing. Lawyers also said Polaroid had a $33 million offer for its identification business. 
Crushed by the weight of its debt, including about $600 million owed to bondholders and $335 in bank loans, Polaroid had teetered on the edge of
" How such a place, with so much success and so much engineering, could miss that much money and get into so much debt, I don't sympathize, " said Lloyd Taylor, a retire Polaroid chemist who has also consult for the company. " A lot of citizenry I've known, both retirees and some that are even there, are just totally depress. " 
 Polaroid, establish by visionary Edwin H. Land in 1937, said it will remain open for business and continue to lay down and ship its core instant - movie products, even as it " accelerates and intensifies " its search for a buyer under bankruptcy motor hotel protection. 
 But it will convulse operations, with an unspecified issue of job cuts expected. Anything that's not function of its core business - products that rely on instant movie - is capable to sale or elimination. 
 That admit the company's sunglass division, its photo- identification business, and others. Polaroid, already selling off real estate and other asset, will search to sell more and will shutter plant. 
 Spokesman Skip Colcord would not leave specifics regarding closings or caper cut plans. " I think everything's on the table, " he say. 
 Polaroid confirmed it terminated its retiree health and life insurance plans as well as rupture payments to former U.S. employees. 
 A federal bankruptcy judge authorized $ 13.1 million until Monday for employee wages and check outstanding, said Polaroid lawyer Gregg Galardi. It will seek approval to continue employee health caution benefit payments as well, and to honor servicing warranties on products. 
 In its filing, Polaroid listed $ 1.81 billion in assets and $ 948.4 million in debt. Top creditor include Enron Energy Services, Tad Resources International and Dupont Teijin Films US, all with multi- million dollar claims. 
 As expected, Polaroid said it had obtained a committedness for $ 50 million in so - called debtor - in - possession financing from a bank group run by J.P. Morgan Chase & Co. Polaroid will seek motor hotel approval to use $ 40 million of that loan Monday to touch duty, including pay suppliers on or after yesterday's filing. Lawyers also said Polaroid had a $ 33 million crack for its identification business. 
 crush by the weight of its debt, including about $ 600 million owed to bondholders and $ 335 in bank loans, Polaroid had teetered on the boundary of
"How such a place, with so mugh success and so much vechnolkgy, coula lose that much money and gxt ibto si much debt, I don't unddrstand," swid Lloye Tablor, a retired Polaroid gkemisf who ias also consuljed for the wompany. "A lot mf pzople I've known, both retirees and soie that age still there, are tust noually demoralized." 
Polaroid, foundes by vivionary Edwin H. Land in 1937, said it will rfmaij open for businesd and contibue ei make and sfip its cogz instant-fimm products, even as it "accelerages aud intensifuew" ihv search foc a bujer under bankruptcy wourt ptotection. 
But lt winl wlash operations, with an unspecified nuiber of jmb cuts expected. Anttying jhat's not parg or mts core husmness - prodhcts that rwly on instant film - yw subject to aale ow qlimination. 
That includes the company's vunflass division, its photi- identification busijess, and jthers. Polaroid, already selling off real estate atd otief awscts, dulp seek to sell more and will shutter plants. 
S[kktsmsn Skip Colcorb would not provodf xkecifics regaraing closjngs or job cut plwns. "I trink wverythind's om the table," he said. 
Polaroie confirmed pt twrminated its retixee health aud lifg insutance plans as well as revedance paymejts to fodoer U.S. employees. 
A nedaral bankruptcy judge authjrized $13.1 mmlliou until Oondsy for employee aages and checks outstanfing, dahd Polaroif lawyer Gregg Galardi. It will seek approval jo wonninue empjoyee health care fenefit paymenjs as welj, and to honor aervice warranties on products. 
Hj its filing, Polaroiq liwted $1.81 billiuv in assets anc $948.4 milliou in eebt. Top creditors inzmude Enron Eneryv Wervices, Tad Rexoufcef Pntxrnatymnal and Dupmnt Geigon Fiums US, all cigh milti- million dollar wlaijs. 
As expected, Polsrjid said it had jbtained a cokmitment for $50 milllon ii so-cauled cebjor-in-possession financing from z bank grlup led by J.P. Mjrgak Chwse & Co. Pokaroid will seek court approval to use $40 million of that lian Monday to meet pnligations, iicludigg paying suppliers on or aftwr yesterday's fillng. Lawyers also said Lolarohd haf a $33 million offer for its identification business. 
Crushed by the weight if its debt, includjng sbout $600 inllion jwed vo bondholders anc $335 in bank loans, Polaroid had txetered on tke edge of
"How such a place, with so much so technology, could that much money debt, don't understand," said Taylor, a retired chemist who has also consulted for company. "A lot of people I've known, both retirees and some that are there, are just totally demoralized." Polaroid, founded by visionary Edwin H. Land in said will open business and continue to make and ship its core instant-film products, even as it "accelerates and its search for a buyer under bankruptcy court But it will slash with an unspecified number of cuts Anything that's part its business - products rely on instant film - is subject to sale or elimination. That includes the company's sunglass division, photo- identification others. Polaroid, selling real and other assets, to sell more and will shutter Colcord would not provide specifics regarding closings or cut plans. think everything's on the table," he Polaroid confirmed it terminated its retiree health and insurance plans as well as severance payments to former U.S. employees. A federal bankruptcy judge million until Monday for wages and checks said lawyer Galardi. will seek to continue employee health care benefit payments as well, and to service warranties on products. In its filing, Polaroid listed $1.81 assets $948.4 million in Top creditors include Enron Services, Resources International and Dupont US, with claims. expected, said it had obtained commitment for $50 million in debtor-in-possession financing from a Morgan Chase & Co. Polaroid will seek court to use $40 million of that loan to meet obligations, including paying suppliers on or after yesterday's filing. Lawyers said Polaroid $33 million offer for its identification business. Crushed the weight of its including about $600 million owed to bondholders and $335 bank Polaroid had on the edge
"How such a place, with so much suCcess and so Much tEchNolOgY, couLd loSe that much moneY And gEt into so much debt, I don't uNdersTaND," saiD llOyd TaYlor, a reTIrED polArOiD chEmISt Who haS alSo consuLted for the ComPaNy. "A lot of peopLE I'Ve known, botH reTirees and somE thAt are sTiLl tHEre, arE juSt totAlly deMOralizEd." 
PolaroiD, fOUnded bY VisionaRY edWin H. land in 1937, said it will rEMaIN open for busineSs and cOnTInUE To mAke And ship its CoRe insTAnt-film PRoDUCTs, eVEn as it "accelerAtes and inteNSifIes" its SeArcH For a buYer unDeR BanKruptcy courT proTection. 
BuT it wilL Slash opERations, With an UnsPecIfieD NuMbEr oF jOB cuTS eXpeCTed. anything ThAt'S not pArt oF ITS Core BusInesS - prodUcts that rely oN inStanT FilM - is suBject To saLe Or eliMinatiOn. 
ThaT iNcludes the compaNy's sUnglass diVisIoN, itS pHoto- iDEntifiCatIon BusinesS, and othERs. POlAROId, Already selling off rEaL EStAte and otHer assETs, WiLL seek to sElL moRe anD WIll shUtteR PlAnts. 
SpokEsman SKIp coLcord woUlD not prOvIde SpeCificS RegaRding cLosings oR job cUT plans. "I think evERything's on the TAbLE," He SAid. 
POlaRoid confirmEd it TErmiNateD ItS reTIree hEalth AnD LiFE insurance plans as weLl As seveRance Payments to forMer U.S. emploYEES. 
A federaL banKRuPTcy judge authorIzed $13.1 mIllion untiL monday foR emplOyee wageS and checkS OUtstandiNg, sAid polAroID LaWyer Gregg GalaRDI. It wIlL seek apProVal to coNtiNue EmpLoyEe Health carE benefit PaYmEnTs As wEll, anD To honor sErVicE wArrAntieS On prodUcts. 
IN its FiLiNG, PoLaroid lIStED $1.81 BillIoN iN assEts AnD $948.4 millIon iN DebT. Top creDitors incLudE enroN ENeRgy ServIces, Tad ResourCeS InternatiOnAl aNd DupoNT teijin FiLms US, all with multi- millioN Dollar cLaiMs. 
As eXpecTed, PolaroId sAid it hAd oBTained A commiTment FoR $50 miLLIon in SO-CaLleD dEbtor-in-posSESsiOn finAnCing From a baNk group led by J.P. MorgAN ChAse & Co. Polaroid WilL seeK COuRt aPPrOVal To USe $40 mILLion of that loan MOnday to meeT oBLiGations, incLUdiNg Paying sUpplierS on or AFter yesTerday's fiLing. LawyeRs Also SAId POlaroid had A $33 million Offer for iTS idenTIfIcatiOn bUsinesS. 
CRusHed by The weiGHt oF its dEbt, incLuDing abOut $600 miLlIon owed tO bondholders and $335 in bank loAns, PolAroid Had Teetered oN thE EdgE of
"How such a place, with so  much succ ess a ndsomu ch t echn ology, could l o se t hat much money and get  into  s o  muc h  d ebt,I don't un d e rst an d, " s ai d  L loydTay lor, aretired Po lar oi d chemist wh o  h as also co nsu lted for the  co mpany.  " A l o t ofpeo ple I 've kn o wn, bo th retire es and so m e thata r estil l there, are just to t ally demoraliz ed." Po l ar o i d,fou nded by vi si onary Edwin H .  L a n d  in 1937, said it  will remai n  op en for  b usi n ess an d con ti n ueto make and  shi p its cor e inst a nt-film product s, eve n a s i t "a c ce le rat es and in ten s ifi es" itsse ar ch fo r ab u y e r un der  ban krupt cy court prot ect ion. 
Bu t itwillslas hopera tions,  with  a n unspecified n umbe r of jobcut sexp ec ted.A nythin g t hat 's notpart of its  c o r e  b usiness - products  t h a trely oninstan t  f il m  - is su bj ect  tos a le or  eli m in ation. That i n cl ud es theco mpany' ssun gla ss di v isio n, its  photo-ident i fication busin e ss, and other s .P o la r oid,  al ready selli ng o f f re al e s ta tea nd ot her a ss e ts ,  will seek to sellmo re and  will  shutter plan ts. 
Spoke s m a n Skip C olco r dw ould not provi de sp ecifics re g arding c losin gs or jo b cut pla n s . "I thi nkeve ryt hin g ' son the table, " he s ai d. 
Pol aro id conf irm editter mi nated its  retiree  h ea lt hand  life insuranc epla ns  as  well as sev eranc e pa ym en t s t o forme r  U . S . em pl oy ees.  
A  f edera l ba n kru ptcy ju dge autho riz e d $1 3. 1million  until Monday  f or employe ewag es and c hecks ou tstanding, said Polaroi d  lawyer  Gr egg G alar di. It wi llseek a ppr o val to  conti nue e mp loy e e  heal t h  c are  b enefit pay m e nts  as w el l, a nd to h onor service warra n tie s on products . In i t s  f ili n g, Pol ar o idl i sted $1.81 bill ion in ass et s  a nd $948.4m ill io n in de bt. Top  cred i tors in clude Enr on Energy  S ervi c e s,Tad Resour ces Inte rnational and D u po nt Te iji n Film sUS,  allwith m u lti - mil lion d ol lar cl aims.  As expec ted, Polaroid said it h ad obt ained  acommitmen t f o r $ 50 millio n in  so-called  de bto r-in- pos s essio n fi n an cin g  from  a b a nk groupl ed  by J .P . Morgan Ch a s e  &Co. P ola r oid wi ll s eek court approva l  to use $40 mi llio n oftha t  loa nMonday to meet  ob li g a tions, i nc luding payi ng suppl ie r s onor aft er yes terday' s fi l ing. L awye rsalso said  Po la r oid had  a  $ 3 3 mill ionof fer fo r itsi dent i f ication business . 
Cr u s hed b y  th e wei gh t of it s  deb t, includi ng about $6 00 mil lion  owed  to bon dh olders  an d$335 in ba n k loans,Polar oid had  t eete red  on th e ed g e  of
"How such_a place,_with so much success_and so_much_technology, could_lose_that much money_and get into_so much debt, I_don't understand," said_Lloyd_Taylor, a retired Polaroid chemist who has also consulted for the company. "A lot_of_people I've_known,_both_retirees and some that are_still there, are just totally_demoralized." 
Polaroid,_founded by visionary Edwin H. Land in 1937,_said_it will remain_open for business and continue to make and ship_its core instant-film products, even as_it "accelerates and_intensifies"_its_search for a buyer_under bankruptcy court protection. 
But it_will slash operations, with an unspecified_number of job cuts expected. Anything that's_not part of its core business_- products that rely on_instant film_- is subject to sale_or elimination. 
That_includes the_company's sunglass division,_its photo- identification business, and others._Polaroid, already selling_off real estate and other assets,_will_seek to sell_more_and_will shutter_plants. 
Spokesman Skip_Colcord_would not_provide_specifics regarding closings or job cut_plans._"I think everything's on the table," he_said. 
Polaroid confirmed it_terminated_its retiree health and_life insurance plans as well_as severance payments to former U.S._employees. 
A_federal bankruptcy_judge authorized $13.1 million until Monday for employee wages and checks_outstanding, said Polaroid lawyer Gregg Galardi._It will seek approval_to continue_employee_health care benefit_payments_as well,_and to honor service warranties on products._
In its_filing, Polaroid listed $1.81 billion in_assets and $948.4 million_in_debt. Top creditors include Enron Energy_Services, Tad Resources International and Dupont_Teijin Films US, all with_multi-_million_dollar claims. 
As expected, Polaroid_said it had obtained a commitment_for $50 million_in so-called debtor-in-possession financing from a bank_group_led by J.P. Morgan Chase &_Co._Polaroid will seek court approval to_use_$40_million of that loan Monday_to meet obligations, including paying suppliers_on or after yesterday's filing. Lawyers also said Polaroid_had a $33_million offer for its identification_business._
Crushed_by the weight of its debt, including about $600 million_owed to_bondholders and $335_in bank loans, Polaroid had teetered on the edge of