New Pact Lets StreamLogic Restructure Its Debt

StreamLogic Corp., a Chatsworth maker of video delivery and data storage devices, said it reached a new agreement with bondholders to restructure its debt.

The company said it agreed with holders of about 80% of its $75 million in 6% convertible subordinated debentures to exchange the debt securities for a package of cash, unsecured promissory notes, common stock and warrants to purchase common stock.

The new agreement removes certain conditions contained in the original deal reached with the bondholders in June, including those relating to StreamLogic’s stock price.

It also fixes the number of shares of common stock to be issued and increases the number of directors on the company’s board, among other changes.