(Recasts, adds re-opening of auction, statements by Hilco and Patriarch)

By Phil Wahba

NEW YORK, April 9 (Reuters) - A federal bankruptcy judge re-opened the auction for U.S. camera maker Polaroid Corp's assets for a second time, giving two bidders the chance to submit new offers before a sale hearing set for April 16, the judge's chambers said Thursday.

Private equity firm Patriarch Partners submitted a higher $75.5 million bid for the company late Wednesday after learning that a joint bid by private investors Hilco Consumer Capital and Gordon Brothers Brands of $72.6 million had been declared higher than Patriarch's earlier bid.

Last week, judge Gregory Kishel of the U.S. Bankruptcy Court for the District of Minnesota, agreed to re-open the auction after creditor objections, but gave the companies a deadline of late Tuesday this week to submit new bids and was set to rule on the results Thursday.

Wednesday's bid by Patriarch Partners, which had won the first auction for Polaroid last week with a $59.1 million bid, included an extra $8.1 million in cash. Patriarch said it intends to rebuild the company, keep employees and preserve its headquarters in Minnesota.

"We view this as a complete victory for Patriarch but also for employees whose jobs we hope to save," a Patriarch spokesman told Reuters after the judge rendered his decision.

Polaroid deemed the bid by Hilco and Gordon Brothers, valued at $72.6 million, to be "the highest and the best bid," according to court documents filed Wednesday.

Hilco and Gordon Brothers, which specialize in brand licensing, have said they intend to keep the Polaroid brand alive.