Orange County

Debt Extension Deadline: Friday is the deadline for holders of $800 million in Orange County short-term notes to determine if they’ll allow the county to delay payment on the debt, a move that county officials describe as necessary if the county is to avoid an immediate default. U.S. Bankruptcy Court Judge John E. Ryan approved the proposed compromise last week. If the complex compromise is accepted by at least 50% of the note holders, maturity dates for three notes that come due this summer would be extended to June 30, 1996. The county would be allowed to pay reduced interest payments each month.