Financially-troubled Eatontown, New Jersey-based Syntrex Inc, the company that made a name for itself with systems that turned electric and electronic typewriters into word processors but is now trying its hand at systems integration, has announced an $8m cash or credit pact with a New York investment group that it hopes will ease it out of Chapter 11 bankruptcy protection. System & Network Integration says that Northcote Partners has agreed to acquire a controlling interest in the network integrator’s capital stock or all of its assets and business should it decide not to manitain Syntrex as a public company. Details are still to be finalised and the plan approved by the Trenton, New Jersey court where Syntrex filed for protection. In addition, Syntrex expects to file a reorganisation plan with the court, and if approved, Syntrex could emerge form Chapter 11 at the end of March.
