Credit

In a move expected to hasten the development of one of Southern California's largest wetland areas, Koll Real Estate Group said Tuesday that it is turning over majority ownership of the company to bondholders, who will assume nearly $200 million of the company's long-term debt.

In a move expected to hasten the development of one of Southern California's largest wetland areas, Koll Real Estate Group said Tuesday that it is turning over majority ownership of the company to bondholders, who will assume nearly $200 million of the company's long-term debt.

At the start of the year, officials at Simi Valley's PerfectData Corp. were focused on computer and office care and maintenance products. Last week at the Comdex Internet Showcase in Las Vegas, they were touting such things as cyber-cash and cyber-stock trading. It's been an eventful year. "We are now more of a concept company than a mundane cleaning products company," said Joseph Mazin, chief executive of PerfectData.

Small businesses, courted aggressively the last few years by big banks, have found new suitors in credit and financial services companies. Last month, American Express unveiled new credit lines and a $100,000 equipment leasing program geared to small business. The company also announced the opening of prototype one-stop small-business centers in Woodland Hills and Phoenix. Meanwhile, Merrill Lynch is touting its 18-month-old Business Financial Planner program.

Financially ailing Wahlco Environmental Systems Inc. said Wednesday that it has signed a new agreement with one of its banks, securing a $3-million line of credit through Oct. 25. Approximately $1.9 million already has been drawn down. Wahlco has been negotiating a credit restructuring with Silicon Valley Bank since defaulting on certain terms of the loan in December. The company said it is continuing efforts to restructure its assets and business.

Dense-Pac Microsystems Inc. said Wednesday it has received a $2.5-million credit line from Costa Mesa-based Imperial Bank to finance future growth. The bank will also provide cash management services to Dense-Pac, which designs and manufactures computer chip stacking products.

Mexico put a cap on soaring interest rates Wednesday as part of an attempt to defuse its mounting debt crisis. Interest rates on existing business loans will be limited to 25%, and to 38.5% on credit card loans, under an agreement negotiated between the Finance Ministry and the Mexican Bankers Assn. The cap affects only outstanding debt, not new loans.

Carolco Pictures Running Out of Cash: The troubled producer of such movies as "Terminator 2: Judgment Day" and "Basic Instinct" said it may not have enough funds to repay the $14 million it owes Credit Lyonnais Bank Nederland, or to continue in business. The company said it is in discussions with the bank to restructure the debt, due Sept. 29, or extend its credit line.

A major lender has canceled plans to provide working capital to Reddi Brake Supply Corp., a fast-growing Ventura-based operator of a chain of auto-parts distribution centers. Reddi Brake says the Bank of New York Commercial Corp. terminated a commitment letter calling for the lender to replace its $7.2-million credit line with Japan's Sumitomo Bank. That arrangement is due to expire Oct. 31. Michael J.