The sale of Waltham-based Polaroid Holding Corporation was approved on Wednesday at a meeting in New York City, with favourable ballots cast by holders of about 80 percent of the company's shares, said Polaroid spokesperson Skip Colcord.
The sale to Petters Group Worldwide follows protracted negotiations to resolve Polaroid's $1 billion debt and failed legal efforts by retirees to reinstate medical and life insurance benefits cancelled when the chapter 11 case was filed in Delaware.
More than 4 000 retirees last month began receiving cheques for $47 - a one-time payment from a trust fund to compensate retirees for legal expenses.
Meanwhile, executives who joined the company during bankruptcy stand to receive large payouts from the cash value of their stock and options.
For example, chairman Jacques Nasser stood to get $12.8 million and J Michael Pocock, the chief executive and president, was due to pocket $8.5 million, Colcord said.