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VALLEY ROUNDUP

Malibu Grand Prix Makes Deal to Restructure Debt

February 03, 1987

Malibu Grand Prix Corp. of Woodland Hills said it has further restructured its debt in an attempt to strengthen its long-term finances.

Under the deal, Malibu will receive and cancel 4.9 million shares of its own preferred stock from Bracton Corp., a former unit of Crocker National Bank, which accepted the shares in a debt arrangement with the company a year ago.

In addition, Malibu, which operates amusement centers featuring miniature race tracks, said it will replace a five-year, $9-million loan from Bracton with a two-year loan from Union Bank.

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