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TORONTO -- A creditor of Firan Technology Group's largest shareholder will acquire about 48% of the printed circuit board fabricator through a bankruptcy deal.

The acquisition of the shares will bring Oakwest Ltd.'s direct and indirect stake in Firan to 51%, making the private investment holding company the largest owner of the PCB company.

Oakwest is acquiring the shares from Ernst & Young, a trustee in the bankruptcy of Glendale International. Glendale previously owned the stake in FTG.

Upon close of the deal, Oakwest and its director Robert Beutel will or approximately 51.5% of the outstanding common shares of Firan, and 46.8% of the voting shares.

FTG was created by Glendale through a reverse merger by which the Firan bought PCB fabricator Circuit World Corp. Last year however, Glendale filed for bankruptcy protection under Canada's Bankruptcy & Insolvency Act.

Glendale has two sitting directors on FTG's board; it is unclear if and when Oakwest might seek to replace them.

Ed.: Clarifies a previous version of this story which identified Oakwest as the majority shareholder. In fact, Oakwest is the largest shareholder but does not hold a majority of the voting stock.