Perceptronics Reaches Accord on Debt Plan

Perceptronics Inc., a struggling Woodland Hills-based maker of simulators and other training equipment for military and commercial clients, reached a tentative agreement with its bondholders to restructure some of its debt.

Under the pact, the bondholders would exchange Perceptronics’ $8.3 million of 8.125% convertible subordinated debentures that are now outstanding for $4 million of new senior secured notes, plus 500,000 shares of series A preferred stock and 246,700 shares of series B preferred stock.

Both stocks would be convertible to Perceptronics’ common stock under certain terms, and both series are non-voting.

Perceptronics said the exchange would boost its net worth, which would enable its common stock to continue trading on the NASDAQ National Market System.