Tinton Falls, New Jersey-based Concurrent Computer Corp has evaded Chapter 11 bankruptcy protection by reaching an agreement to restructure its bank debt on terms acceptable to the it, its bank group and bondholders. Once the agreement is in place, about $53m in senior bank debt will be converted into a $43m three year term loan and revolving credit facility of $10m. From now until June 30 1992, required principal payments on the bank debt will be some $7m against $15m under the prior arrangement. Bondholders will swap $110.6m of existing 14.25% notes for $55m of new 13% senior subordinated notes and a full 70% of the voting equity of the company.
