Shareholders in Paris-based computer and peripherals distributor Metrologie International SA approved the company’s proposed $12.6m recapitalisation, which forms part of the restructuring plan the debt-burdened company drew up in February. The share issue, which will be open to the public during the second half of November, will raise Metrologie’s issued capital to $16m from $7.6m but the company, indirectly controlled by Cie Financiere de Paribas, plans to issue $11.75m in equity warrants to some creditor banks at 60 francs each. Metrologie reported a net attributable loss of $117m in 1991 and $11.5m in the first half of 1992. Total debt, which stood at $195m at the end of last year and $123m at the end of the first half of 1992, will be brought down to about $46m at the end of this year, chairman Alain Fraiberger announced.This reduction will be achieved as a result of the sale of a 91.3% stake in SMO Bureautique SA to Ricoh Co for $37.5m, plus the additional capital.Fraiberger said the firm hopes to return to breakeven in the fourth quarter of this year after further losses in the third quarter, excluding its business in Italy. Metrologie, which had 2,100 employees at the beginning of the year, will be down to just 750 at year-end; turnover will halve.
