The Car and Truck Fleet and Leasing Management Magazine

Minorplanet Files for Bankruptcy Protection

February 17, 2004

Minorplanet Systems USA Inc., a maker of tracking devices for fleet vehicles, filed for bankruptcy protection on February 10 and named Dennis Casey new chief executive officer.The company listed assets of $49.2 million and debts of $31.5 million in Chapter 11 papers filed in U.S. Bankruptcy Court in Dallas, Bloomberg reported. It said in a statement it filed for protection to restructure $14.3 million in note debt. Casey said no staff reductions were planned. For its fiscal first quarter ended Nov. 30, the company's net loss was $3.3 million or 34 cents per share on revenue of $6.8 million.
Twitter Facebook Google+

Comments

Please note that comments may be moderated. 
Leave this field empty:
 
 

Fleet Incentives

Determine the actual cost of owning and running a vehicle in your fleet. Compare vehicles by class and model.

Sponsored by

Established in 1986, Fleet Response creates custom-designed fleet management services for its clients.

Read more

Up Next

More From The World's Largest Fleet Publisher