Progress in StreamLogic’s Bondholder Negotiations

StreamLogic Corp., a Chatsworth maker of data and video-storage products, said it has reached an agreement with the advisor to the company’s bondholders.

The holders of about 80% of the company’s $75 million of 6% convertible subordinated debentures will be advised by Loomis Sayles & Co. to exchange their debentures for a package of cash, unsecured promissory notes, common stock and warrants.

The exchange must be approved by the bondholders and company shareholders.

If the deal goes through, it would increase StreamLogic’s net tangible assets by more than $50 million.

The company said it would appeal the Nasdaq stock market’s refusal to extend trading of its stock on the Nasdaq National Market, and that its stock would continue trading during the appeal process.

StreamLogic also said that its fiscal second-quarter revenues would be slightly less than $13 million due to disappointing shipments during the last week of September.