Santa Ana-based Wespercorp, a financially struggling computer...

Santa Ana-based Wespercorp, a financially struggling computer products company, said it has completed its previously announced recapitalization, converting $3 million of bank debt into equity. Wespercorp said it has reached a final agreement with Los Angeles-based Union Bank and with holders of its Series A preferred stock to convert almost all of its outstanding debt to equity. The company said the agreement would reduce its yearly interest expenses by more than $300,000. George E. Dashiell, Wespercorp’s president and chief executive, called the agreement “a major step toward recovery.” Nevertheless, he said that the firm expects to report a loss for its second quarter and that “cash flow will be tight in the immediate future.” As a result of the agreement, Union Bank will hold 33% of Wespercorp’s voting stock on a fully diluted basis.