CODI Semiconuctor inc
The Codi Corporation and its principal
subsidiary, Codi Semiconductor Inc. of Linden, N.J., announced they had
filed petitions under Chapter 11 of the Federal bankruptcy law.
Harold B. Rosenberg, president and chief
executive officer of the Codi Corporation, said that the company was
continuing to operate as a debtor-in-possession. Current management, which
was brought in three years ago to try to turn around the company, ''just now
got Codi operating at a break-even point,'' by introducing new
semiconductors, selling two subsidiaries and laying off 100 employees, Mr.
Rosenberg said. But the company still has $2 million in debts. In its latest
reporting period, the nine months ended Sept. 30, 1981, the company posted a
loss of $666,000.