Hayes Files for Bankruptcy Protection

Hayes Corp., which introduced the personal computer modem in 1981, filed for Chapter 11 bankruptcy protection for the second time in five years. Hayes said it had secured interim financing to fund operations while negotiating more permanent financing. Ron Howard, Hayes vice chairman and chief executive, said the company will re-size its operations, expand its market position in broad-band communications and continue to support its customers in the analog modem business. Norcross, Ga.-based Hayes’ shares fell 41 cents to close at 19 cents on Nasdaq.