Microtec gets the OK, announces CFO resignation
ST. AUGUSTIN, Quebec--After struggling to reorganize the company for three years amid debt it acquired during the mass marketing age, Microtec Enterprises' shareholders approved a recapitalization plan in June that makes Microtec a wholly owned subsidiary of First National AlarmCap.
The move converts each share of Microtec into one common share exchangeable for a percentage of an AlarmCap unit of stock.
Microtec also received court approval for the move. The company has been operating under court protection in Canada--similar to a bankruptcy filing in the United States-- since 2004.