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Electronic Memories Ltd of London, which controls 40% of the equity of Dense-Pac Microsystems Inc, Garden Grove, California, is negotiating a refinancing for the company with its principal creditor, Union Bank of Los Angeles: Dense-Pac is in default on a $1.1m loan and has filed for Chapter XI bankruptcy protection, and Electronic Memories plans to provide the bank with a $550,000 standby letter of credit against the loan to the defence electronics equipment manufacturer.

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