Fotomat and Konishiroku Photo signed a pact.

In an effort to relieve its debt, Fotomat signed a formal agreement with Konishiroku Photo Industry Co. calling for Konishiroku, the makers of Konica cameras and Fotomat’s major supplier of photo-finishing paper and film, to invest $10 million in cash and exchange its outstanding $13.5 million debenture for common stock. Konishiroku will receive about 14.5 million newly issued Fotomat shares, giving it about 61.5% of Fotomat.