Hayes has filed for bankrupty - the second time in less than four years.
The modem manufacturer is seeking Chapter 11 safe harbour. No details on the European impact were available, but the parent company announced that its domestic subsidiaries have filed voluntary petitions to reorganise under the US Bankruptcy Code.
The company has also secured interim financing to continue operations and pay employees while it is negotiating to secure permanent financing.
Ron Howard, vice chairman and chief executive, stated, "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."
Howard said Hayes was suffering a cash shortage generated by spiralling modem sales and poor sales of newer data-transmission products.
Hayes virtually invented the modern modem, but its recent history has been chequered. It filed for Chapter 11 in 1995 and after emerging solvent in 1996, it failed to merge with Micronics. It performed a reverse takeover of Access Beyond in late 1997 and reported a $14.2 million loss in August.
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