Microtec secures extension of credit
October 14, 2004
ST-AUGUSTIN, Quebec - Microtec Enterprises has secured another extension of its credit facilities until Dec. 31, 2004.
The extension with its lenders was approved due to the companyÃ¢â‚¬â„¢s current negotiations over an undisclosed proposal regarding its reorganization, The proposal was announced to the board of directors in August. It marks the fifth credit continuation for the company in this year.
Microtec officials reported that the company may ask for a longer forbearance period as it finalizes its reorganization plan.
Microtec, a security and home automation provider, has struggled financially over the past year and industry insiders say it has been up for sale for a period of time.