Perceptronics Creditors to Retire Debt and Shares

Perceptronics Inc., a struggling Woodland Hills maker of computer-simulation and software systems, said three creditors will retire $4 million of its debt and preferred shares in a plan that will return the company to a positive net worth by next spring.

Under the agreements, the creditors will receive $414,000 plus 259,000 shares of Perceptronics’ common stock. Perceptronics is primarily a military contractor. Its losses are the result of the steep decline in military spending. The losses have narrowed recently. In the three months that ended Sept. 30, the company posted a net loss of $94,051, compared with a $2.91-million net loss a year earlier.

The creditor agreements announced last week were part of a debt-restructuring that Perceptronics began last year. They allowed the company to retire $1.6 million of debt and preferred stock before Dec. 31. The remaining $2.4 million of debt and preferred shares covered by the agreements will be retired by March 31, Perceptronics said.