CAMBRIDGE, Mass. — Shares of Polaroid Corp., the instant photography company, fell 17 percent after a regulatory filing heightened concern that the company's bondholders will force it into bankruptcy.

        The shares fell 29 cents to $1.45 after the company said in a quarterly filing with the Securities and Exchange Commission that its auditor, KPMG, questioned whether it could continue as a going concern.

        Published reports about the filings created confusion that led to the stock's fall, said Ulysses Yannas, an analyst with Buckman, Buckman & Reid.

        “There has been no meeting of bondholders yet,” Mr. Yannas said. “The 10Q (filing) says so far nobody has protested the nonpayment of interest, as of August 8th.”

        Polaroid has said it will meet with bondholders, and also explore strategic alternatives, including a possible sale or merger.

        The company has laid off at least 2,950 employees — 35 percent of its work force — while selling off real estate. In July, it announced it would miss bond payments totaling $26.3 million.

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