So farewell then, Hayes?

Modem veteran seeks Chapter 11 protection and long-term funding

Hayes has declared itself bankrupt and has sought Chapter 11 protection from creditors, it emerged today. "We made the decision to seek the protection of the Bankruptcy Court in the belief that this action would provide the most viable means of achieving our key goals of refocusing our business strategy and operations," said CEO Ron Howard The company will start work on a reorganisation plan and seek funding to put it into place. Hayes officials said interim funding was already in place, and the company is negotiating to put it onto a permanent basis. Hayes will also continue the restructuring scheme it adopted in August, which will see it focus on cable modems, voice-over-IP technology and broadband devices. The move came after the company posted a $14.2 million loss. ® Click for more stories

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