Tinton Falls, New Jersey-based Concurrent Computer Corp, which was ordered by its banks last month not to pay the $4.7m interest due on its senior subordinated notes (CI No 1,513), reports that it also failed to make the September 1990 principal and interest payments due on its senior bank debt, and says it is having on-going discussions with its banking group over the interim period until repayment terms can be established, based on the company’s expected new business plan. The new chief executive, Denis Brown, said that the banks, as well as its bondholders, recognise the need to modify the company’s capital structure to give it the flexibility to grow in the computer industry. Concurrent is preparing a business plan intended to address current financial issues, market and technology development, and the organisational changes required, and expects to complete it this quarter.
