Hayes Microcomputer Products Inc, the Norcross, Georgia-based modem pioneer which filed for Chapter 11 bankruptcy protection last November (CI No 2,547), has brought in Arthur Andersen & Co to help it reorganise its operations. The consultant has been charged with looking at all areas of Hayes’s business, including production, and inventory as well as distribution, and its fiscal operations. Production and inventory are the areas said to have led to the Chapter 11 filing. Significantly, Hayes has also decided on a new policy of glasnost as regards its financial position. The privately-held company said in a statement, Hayes recognises that the firm must now operate as if it were a public company, sharing as much information as possible about its fiscal condition and its reorganisation plans. And in this spirit, Hayes now says that while the company saw a $13m loss for the fiscal year 1994 ending October 31, it has posted profits of $442,000 for first quarter 1995.
