Polaroid

(PRD)

received waivers on its bank loan agreements through May 15, a development that will give the instant camera and film maker time to continue the process of refinancing its corporate debt.

Late last year, the company disclosed plans to cut its costs and reduce its debt. In February, Polaroid

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suspended its dividend, which frees up more than $27 million annually. Later that month, the company unveiled a

restructuring plan designed to save about $60 million a year.

Polaroid is continuing to negotiate the sale of its 56-acre reservoir property in Waltham, Mass. Shares of Polaroid, which is based in Cambridge, Mass., lost 7 cents, or 1.6%, to $4.19 in recent

New York Stock Exchange

trading.