Polaroid, which filed for bankruptcy late last year, has been auctioned off to private-equity firm Patriarch Partners LLC for $59.1 million.

Lynn Tilton, CEO of Patriarch, stated, “We look forward to reconnecting Polaroid with its history of innovation in photography. We intend to continue rebuilding the brand of this great American company on a worldwide scale and to re-establish Polaroid as a globally acknowledged innovator.”

Patriarch’s offer for assets includes most of Polaroid’s intellectual-property rights. Before it can go through, the deal must be approved by a judge.