Minorplanet Files for Bankruptcy Protection
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.