Philon Group Inc, which started out in the early 1980s with high hopes for a clever method of limiting the development effort needed to create a full range of high-level language compilers for new computer architectures, has run out of time – and cash. The New York company, which has been majoring on compilers for the Unix market in recent years, has filed for Chapter XI bankruptcy protection, showing assets of $738,000 and liabilities of $8.1m, $1.5m of that unsecured, at October 31. It hopes the filing will buy time to reorganise and to remain in business.
PHILON FILES FOR CHAPTER XI BANKRUPTCY PROTECTION
