The misery at Manhasset, New York-based Spectrum Information Technologies Inc, which won and then lost John Sculley as chief executive last year, continues, and the radio technology specialist yesterday announced that the company and its four operating units have filed voluntary petitions for reorganisation under Chapter 11 of the US Bankruptcy Code. The filing is described as part of its new management’s efforts to stem the company’s substantial financial losses and focus on developing its core wireless data transmission technology. It has closed its unprofitable Computer Bay unit, a franchisor of independent resellers that sell microcomputers. Its Spectrum Global Services Inc unit, a profitable, self-funding enterprise did not file a Chapter 11 petition.
