Concurrent Computer Corp, Tinton Falls, New Jersey is not goingto be able to make the $4.7m in interest payments that fell due on Friday to holders of its Senior Subordinated Notes due 1998. It says its bank group exercised its right to block payments on the notes because the company, based on its recently reported financial results, is unable to satisfy all the financial covenants of its new bank credit agreement. The mini and supermicromaker has $55m in senior bank debt and about $110m in subordinated debt outstanding. A principal payment of $15m and an interest payment of about $1.7m on the bank debt is due on September 28, and it is seeking waivers on the covenants; as reported, the ludicrously debt-laden company has retained Goldman, Sachs & Co to advise on capital restructuring.
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