Metrologie International SA has won agreement from most of its creditor banks for a recapitalisation plan to end the big French distributor’s three-year struggle to restructure. It said the plan will give it net capital equivalent to some $38m, compared with negative equity of $72m at the end of last year. Metrologie will raise $35m in cash via the sale of two types of stock, and seven of its nine creditor banks will write off $22m of loans in exchange for a pledge to reimburse all other loans fully. The Paris company also said sales in January and February rose 45% from a year earlier.
