Hayes Corp. today said it has laid off approximately 250 employees in the U.S. and Asia/Pacific and has "effectively ceased operating." The modem maker filed for Bankruptcy Court protection on Oct. 9 and hoped to refinance or sell the company, according to a statement from Hayes. However, Hayes' primary lender was unwilling to fund a refinancing or sale and would only finance a liquidation, the statement said.
P.K. Chan will continue on as president of Hayes but other top executives have ceased to be employees of the company, including Steve Mank, chief operating officer, Chuck Marantz, chief financial officer, and Ron Howard, chief executive officer, the statement said. However, Howard will remain on the company's board of directors, it said.
It is "highly unlikely" that common shareholders will receive any value from the planned liquidation and sales, the statement said.