New York telephone equipment installer Aim Telephones Inc, which reported a $23m loss on turnover down 30% at $33.5m for the year to last February, and a further $1.1m loss on turnover continuing to decline for its fiscal first quarter has given up the unequal struggle and filed for Chapter 11 bankruptcy protection after laying off 100 people and warning that its common shares will likely prove worthless. The filing followed failure to restructure its $18m long-term debt and growing pressure from lenders.
