A group of Hong Kong-based companies and friends of Acma Ltd, Singapore are rescuing Hayes Microcomputer Products Inc from a recent dilemma that ensued when Northern Telecom Ltd’s abruptly withdrew it’s agreement to buy 49% of Hayes jointly with Acma Ltd as part of Hayes’ bankruptcy reorganization plan (CI 2888). All new investors, primarily Singapore-based companies recruited by Acma, have to finalize the transactions on or before April 15 and will deposit their investment into US escrow accounts in preparation for a final closing on or around that date. The company expects to pay creditors within a few days after the closing of the funding. Under the new terms, Norcross, Georgia- based Hayes may now proceed with a target public flotation of shares when its market capitalization reaches $150m rather than the $250m previously planned.
