Primary PDC Consents to PBGC's Request to Terminate Polaroid Pension Plan

Sep 12, 2002, 01:00 ET from Primary PDC, Inc.

    WALTHAM, Mass., Sept. 12 /PRNewswire/ -- Primary PDC, Inc., formerly known
 as Polaroid Corporation, today consented to the Pension Benefit Guaranty
 Corporation's (PBGC) request to terminate the Polaroid Pension Plan effective
 July 31, 2002.  PBGC is a United States government agency that guarantees
 benefits, up to limits set by law, under certain terminated pension plans.  As
 a result of the termination, PBGC now is trustee of the Pension Plan and is
 responsible for administration and payment of benefits under the Plan, up to
 the limits guaranteed by law.
     According to PBGC Executive Director Steven A. Kandarian (in a PBGC press
 release issued today), "PBGC is stepping in because Polaroid has sold its
 assets in bankruptcy and the purchaser will not assume the pension plan."
 Termination of the Polaroid Pension Plan is part of the wind-up of the
 business whose assets were sold on July 31, 2002.  In connection with the
 sale, substantially all of Primary PDC's employees became employees of the
 company that purchased the assets, which now operates as Polaroid Corporation.
 No benefits have been earned under the Plan since July 31, 2002.
     Primary PDC's unsecured creditors also consented to the termination.
     As a result of the termination, retirees will continue to receive monthly
 benefits up to the limits that PBGC guarantees.  Workers and retirees do not
 need to take any action as a result of the termination.  Questions may be
 directed to the PBGC Customer Service Center toll-free at 1-800-400-7242.  For
 TTY/TDD users, call the federal relay service toll-free at 1-800-877-8339 and
 ask to be connected to 1-800-400-7242.  Further information about PBGC's
 pension insurance program is available at the agency website,
      Kevin R. Pond                 Gregg M. Galardi
      Primary PDC, Inc.             Skadden, Arps, Slate, Meagher & Flom, LLP
      1265 Main Street              One Rodney Square
      Waltham, MA 02451             P.O. Box 636
      781-386-6505                  Wilmington, DE 19899-0636
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SOURCE Primary PDC, Inc.