Pen Interconnect Resolving Its Debts

Pen Interconnect Inc., a provider of manufacturing services, said it has resolved more than half its debt problems and has moved its corporate headquarters and manufacturing facilities from Irvine to Santa Ana.

The company, which has agreed to sell 75% ownership to Imaging Technologies Corp. in San Diego, said in a press release that more than half of its remaining vendors and creditors have reached settlements over debts owed.

In the sale agreement, Pen Interconnect must not be burdened by unnecessary debt at the closing.