Polaroid agrees to sell most of its assets

CAMBRIDGE, MASSACHUSETTS - Instant camera maker Polaroid has agreed to sell most of its assets to a group led by a unit of Bank One for $265 million. <br> <br> The unit manages more than $3 billion in assets for Bank One, the sixth-largest U.S. bank holding company. <br> <br> Polaroid says it expects the sale, requiring bankruptcy court approval, could be completed in the third quarter. It hopes then to emerge from Chapter 11 bankruptcy protection. <br> <br> The company says it is likely stockholders will be left with nothing. <br> <br> Polaroid, facing nearly a billion dollars in debt, filed for bankruptcy protection last October.

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