The two leading bidders in a race to win Polaroid will have a second change at the pickings following a US Bankruptcy Court ruling. Polaroid creditors successfully petitioned to over-turn Thursday’s winning bid from New York private equity firm Patriarch Partners.

Patriarch’s $59.1 million bid won over a joint venture effort from Toronto-based Hilco Consumer Capital and Boston-based Gordon Brothers Group LLC of $61.5 million, due to Patriach’s promise to continue to build the Polaroid brand.

New bids must be in by Tuesday with the result to be announced no later than Wednesday. A US Bankruptcy Court approval hearing has been set for the following day.