Concord Camera preps for dissolution following shareholder approval of plan

By Lisa Kerner

Charlotte, N.C., Dec. 22 - Concord Camera Corp. said its shareholders approved the plan of dissolution and liquidation of the company at the annual meeting on Thursday.

According to Concord Camera, its plan provides for the orderly wind down of its business and operations, the monetization of non-cash assets, the satisfaction or settlement of its remaining liabilities and obligations and one or more distributions to its shareholders.

While the company said execution of the plan of liquidation will be completed "as soon as practicable," no timeline for distributions to shareholders was provided.

Concord Camera said it has been unable to sell its auction-rate securities due to market conditions. The company has reduced the carrying value by about $5.1 million to about $17.1 million as of Sept. 27.

Located in Hollywood, Fla., Concord Camera manufactured and sold single-use and 35mm traditional film cameras through its subsidiaries.

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