11 October 2001

The Polaroid Corporation asks for federal bankruptcy protection.

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Polaroid Corp. filed for voluntary Chapter 11 bankruptcy protection in Delaware Friday, capping three days of speculation in which the instant photography company’s stock had not traded.

The company, which has been struggling with more than $900 million in debt, said it still is considering an outright sale of all or part of the company and that it plans to cut further staff, close facilities and sell non-core assets to reduce costs.

Filing Chapter 11 bankruptcy protects a company from creditors and keeps it operational until a restructuring plan can be formed to either lift it out of debt, sell, or liquidate assets.

The intent had been to pursue an out-of-court , pre-negotiated bankruptcy filing, but ultimately the company’s liquidity was just too tight and it just couldn’t hold out long enough to get a deal done,” said Brad Geer of Houlihan Lokey Howard and Zukin, the financial firm advising Polaroid’s bondholders.

Polaroid said it has obtained a commitment for $50 million in debtor-in-possession financing from a bank group led by J.P. Morgan Chase & Co. Upon court approval, which is expected shortly, $40 million will be available immediately on an interim basis to pay suppliers and help keep the company operational. The full $50 million commitment is subject to final court approval and other conditions.

Polaroid said it will continue to manufacture, market and distribute its core instant imaging products and to provide customer service and support. Employees will continue to be paid with full benefits.

11 October 1954

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The Viet Minh take control of North Vietnam during the first Indochina War.

The Vietnam Doc Viet Minh was a Communist front organization founded by Ho Chi Minh in 1941 to organize resistance against French colonial rule and occupying Japanese forces.

The Viet Minh launched a long and bloody guerrilla war against French colonial forces known as the First Indochina War. Ultimately, the Viet Minh, decisively defeated the French at the Battle of Dien Bien Phu in May 1954. On August 1, the armistice ending the war went into effect. The triumphant Viet Minh marched into Hanoi as the French prepared to withdraw their forces.

Under the provisions of the agreement signed at the Geneva Conference in July, Vietnam was to be temporarily split into approximately equal halves. The two halves were to be separated by a Demilitarized Zone. The northern half was to be governed by the Democratic Republic of Vietnam, and the southern half would be governed by the noncommunist State of Vietnam.