Polaroid, the US company that introduced instant photography 60 years ago, has filed for bankruptcy to restructure its business, which it said was compromised after the founder of its parent company was arrested earlier this year on fraud charges.

The iconic cameramaker said it filed for bankruptcy protection in Minnesota on Thursday as a result of the fraud investigation into Petters Group Worldwide, which has owned Polaroid since 2005. Polaroid said that it is not under investigation and that it does not expect to shut down.