Modem vendor Hayes looks to have snatched victory from the jaws of defeat in its restructuring battle. The latest twist to its on/off reorganisation plan (PC Dealer, 10 April) is that Hayes has obtained the necessary funds for the court-approved plan and is likely to be able to pay its creditors in full.
The plan was in tatters after the decision by prospective partner Nortel to pull out of the refinancing deal, rather than invest $17.5 million.
The cash to bail out Hayes looks set to come from a consortium of Singapore and Hong Kong firms. Singapore-based Acma has agreed to fund half of the $35 million that Hayes needs.
Under the deal, Acma is investing an additional $3.6 million, to take a 28.2 per cent stake in Hayes. Other partners are SP Quek Investments, Kaifa Technology Holdings and Rolling Profits Holdings.
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