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Under the restructuring plan, Mr. Heiland's technology investment firm, JEC Capital Partners, along with Oklahoma-based Prescott Group Capital Management and Netherlands-based Stichting Bewaarder Ratio Capital Partners, will get an 89% stake in the reorganized company in exchange for a $25 million investment. The remaining 11% of the stock will go to JEC, which has agreed to pay off the company's bankruptcy loan.
Holders of the company's common stock are getting warrants to buy new shares for 20 cents apiece.
"Piksel is set to emerge as a healthy, dynamic company with a great mix of talented employees, market-leading customers, profitable assets, and sufficient liquidity for operations and investments," Mr. Heiland said in a statement.
