Xerox Can Get Tandon Stock Under Loan Pact
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Tandon said it reached an agreement with Xerox to convert a $4-million, short-term loan from Xerox into a three-year note convertible into Tandon common stock.
Under the agreement, Xerox can use money owed it by Tandon to buy stock in the company. The agreement to change the terms of the loan, made earlier this year, means Tandon will not feel pressure to pay off the loan quickly.
Tandon supplies personal computers sold by Xerox under its own name.
Tandon also reported that it has received orders to supply more than 2,000 personal computers to the Air Force as part of a five-year contract that could eventually be worth more than $10 million.
The computers are from the Chatsworth company’s PCA series.
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