Early California buy-out plan hits a snag.

The last leg of an intricate deal to buy out the company’s stockholders was delayed when the company formed to take Early California private balked at the financing agrrangements. Shareholders had approved the two-part sale of the Los Angeles-based company and Early California said it completed the first part of the deal. But a spokesman for the new company said the sale will not be completed until satisfactory arrangements have been made in regard to the company’s $18.4 million of 12.5% subordinated debentures.